<h3>Tough "Love":</h3>
Quote:
http://www.ft.com/cms/s/0/282adfd4-0...0779fd2ac.html
Russian oil production has peaked and may never return to current levels, one of the country’s top energy executives has warned, fuelling concerns that the world’s biggest oil producers cannot keep up with rampant Asian demand.
The warning comes as crude oil prices are trading near their record high of $112 a barrel, stoking inflation in many countries.
US crude oil West Texas Intermediate surged in London trading to $113.06 a barrel, above last week’s record of $112.21 a barrel. It later traded 125 cents higher at $113.01 a barrel.
Leonid Fedun, the 52-year-old vice-president of Lukoil, Russia’s largest independent oil company, told the Financial Times he believed last year’s Russian oil production of about 10m barrels a day was the highest he would see “in his lifetime”. Russia is the world’s second biggest oil producer.
Mr Fedun compared Russia with the North Sea and Mexico, where oil production is declining dramatically, saying that in the oil-rich region of western Siberia, the mainstay of Russian output, “the period of intense oil production [growth] is over”.....
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The least I ever paid for a gallon of gasoline was 19.9 cents, in Galveston, TX, in 1972.....and the most was yesterday, $3.359.....
Time is growing short for the US to either order it's military to "pay back" the investment made in it by a sudden furious attempt to confiscate every other country's nuclear weapons as a prelude to controlling commodities, or.... drastic cuts in US military spending are needed to free up funding for a mass transit buildout and alternative energy technology. We in the US use four times the energy per person than an equal share by population would allocate us, so we're going to feel what is coming, four times as intensely as a lot of the rest of the world.