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Russia Is World's Key to Having Oil to Burn

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  • rickrise@earthlink.net
    This story was sent to you by: Richard Interesting though perhaps wishful article...Simmons, the energy analyst, doesn t see much hope for Russian oilfields.
    Message 1 of 2 , Jun 1, 2004
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      This story was sent to you by: Richard

      Interesting though perhaps wishful article...Simmons, the energy analyst, doesn't see much hope for Russian oilfields. (Flanigan's an economist, and therefore believes that high prices create more oil....)

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      Russia Is World's Key to Having Oil to Burn
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      James Flanigan

      May 30 2004

      With sky-high gasoline prices burning into family budgets, the oil-using world listened anxiously last week for words of deliverance from the Saudi Arabian oil minister, Ali Ibrahim Naimi. Folks would have been wiser to listen to Russian President Vladimir V. Putin.

      The complete article can be viewed at:
      http://www.latimes.com/news/columnists/la-fi-flan30may30,1,1991513.column?coll=la-news-columns

      Visit Latimes.com at http://www.latimes.com
    • Doug Salzmann
      ... Yeah, don t you wish they d stop teaching them that the laws of physics don t apply in their world? I couldn t get to the story immediately (the LA Times
      Message 2 of 2 , Jun 1, 2004
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        On Tue, 1 Jun 2004 rickrise@... wrote:
        >
        > Interesting though perhaps wishful article...Simmons, the energy
        > analyst, doesn't see much hope for Russian oilfields. (Flanigan's
        > an economist, and therefore believes that high prices create more
        > oil....)

        Yeah, don't you wish they'd stop teaching them that the laws of
        physics don't apply in their world?

        I couldn't get to the story immediately (the LA Times keeps "losing"
        my registration info), but it seems to me that there is a fundamental
        problem with the concept: You have to find oil before you can produce
        it and I'm not aware that Russia's reserves (although substantial) are
        even close to large enough to provide cornucopian surpluses in the
        long run.

        IIRC, proven (hah!) Russian reserves amount to perhaps half those of
        either Iran or Iraq alone, maybe 20% of the Saudi endowment and less
        than 10% of the total Persian Gulf reserves. In that ballpark,
        anyway.

        We probably shouldn't count on Russia to keep the grandchildren
        supplied with cheap gas.


        -Doug



        --

        "War is a racket."

        -General Smedley Butler, 1934
        Commandant, US Marine Corps



        ---
        Doug Salzmann
        Kalliergo
        Post Office Box 307
        Corte Madera, CA 94976 USA

        <doug@...>
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