Joined: Mar 04, 2005 Posts: 2584 Location: New Zealand
Posted: Sat Jun 28, 2008 11:45 pm Post subject: One Reason Gas Is Emptying Your Wallet: Nigeria
One Reason Gas Is Emptying Your Wallet: Nigeria
Quote:
The attack also showed that Nigeria’s vast reserves of oil are being held hostage by a conflict that at best is little understood in the West. It is a three-way struggle, involving a government charged with negligence and corruption, oil companies blamed for terrible environmental damage that afflicts the region and an impoverished people.
Unlike the grand geopolitical struggles of Israel versus Iran or the burning oil towers of northern Iraq — some of the factors we usually imagine influencing world oil prices — Nigeria’s is a local tussle. But the events in Nigeria — Africa’s most-populous nation, and the world’s eighth-largest oil exporter, supplying nearly a tenth of America’s oil imports, according to the Department of Energy — have rippled across global energy markets nonetheless, and contributed to tighter supplies and higher prices at American gas pumps. (This is in addition to a long list of other variables, including sharply declining production in Mexico and slowing production in Russia, the North Sea and Venezuela, all in the face of steadily rising demand by fast-growing behemoths like China and India.)
As the damage has mounted and some companies have closed down operations, Nigeria’s oil production has slipped to 1.8 million barrels per day, which is far below its production capacity of about 2.8 million barrels. .
One million barrels of missing oil each day is costly for Nigeria and for the rest of the world when the market is so tight.
nytimes _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Posted: Sun Jun 29, 2008 10:49 am Post subject: Re: One Reason Gas Is Emptying Your Wallet: Nigeria
Good.
Long term I don't want gas prices to go down or we will just go back to suburbia SUV culture.
Short term this would be wonderful but over all we need this.
"Current's Mariana van Zeller travels to one of the most unstable regions in the world – Nigeria's oil-rich Niger Delta. She investigates what's behind the growing number of kidnappings and attacks in Africa's largest oil producer and the US's fifth largest energy supplier." _________________ formerly Taizy and Taizy8 - having problems with the cookies.
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