As energy importers, most of the G8 members are alarmed by the way oil and gas prices have been sent rocketing by record demand and political instability in places such as Iraq, Iran and Nigeria.
...no one is pretending that most of the delegates' attention won't be devoted to energy.
It is reported that the G-8 Ministers, who met in Moscow on March 15th and 16th, considered an Energy Security Plan, to cost 17 trillion dollars, which is designed to secure world energy supplies for the next 25 years. It is built on five proposals :
• To find new reserves of oil and gas at a faster rate than the existing reserves are depleted;
• To increase oil and gas output by, among other things, more drilling on the continental shelf;
• To expand production capacity in oil-refining, petrochemical and gas processing industries;
• To develop new electric power facilities, with an emphasis on nuclear and hydro-power plants; and
• To introduce clean coal technology.
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