Putin says 'cheap gas era' ending - BBC

[Eugene]

Source: BBC News

Page last updated at 12:10 GMT,
Tuesday, 23 December 2008

Putin says 'cheap gas era' ending

The era of cheap gas is coming to an end, Russia's
Prime Minister Vladimir Putin has told ministers from
the world's major gas-exporting countries.

Iran and Libya are among the countries attending the
Gas Exporting Countries Forum (GECF) in Moscow.

Mr Putin said the cost of extracting gas was rising
sharply, therefore "the era of cheap energy resources,
of cheap gas, is of course coming to an end".

Some observers say the GECF may develop into an
Opec-style producers' cartel.

-snip-

Read more: http://news.bbc.co.uk/2/hi/europe/7796806.stm

[happyslug]

1. The old Joke about OPEC was it was the tail to the Saudi Arabian Dog

The tail went whatever way the House of Saud wanted the price of oil to go. The same with this program, it will be a tail to the Russian dog, given that over half of the known Gas Reserves are in Russia (Iran in #2). The US use to be #1, but uses more then it produces today, so Russia is the #1 producer and exporters of Natural Gas Today, Iran does NOT export that much at the present time, but if it did the cheapest way to export Natural Gas from Iran is via Russian pipelines.