Saudi's plan to lift oil output

Posted: 6/14/2008 by Floyd in Labels: ,
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While they are reaping record profits, the Saudis are concerned that today’s record prices might eventually damp economic growth and lead to lower oil demand, as is already happening in the United States and other developed countries. The current prices are also making alternative fuels more viable, threatening the long-term prospects of the oil-based economy.
New York Times Business.

The plan would lift output to the highest level ever sustained by Saudi Arabia, even with this taking place there is no absolute that prices will drop. Now America as well as other nations are looking more into alternative fuels and the auto-makers are following suit, Nissan for example Nissan Motor Company has announced plans to sell an electric car in the U.S. and Japan by 2010 and expects to sell a broad range globally by 2012; Nissan Electric Car.

Toyota has confirmed also of a release of a plug-in hybrid in 2010, Soon after the 2010 deadline, Toyota expects to be selling one million hybrid vehicles per year and will be offering the petrol-electric option on many more models. By that time its next-generation Prius hybrid will also be on the market and is likely to be available in several different bodystyles for the first time. There are also plans for a new dedicated Lexus hybrid vehicle, expected to be revealed alongside the new Prius at next year’s Detroit Auto Show.
Motor Authority.

I would hope to see a lot of companies follow this and offer a wide variety of more greener cars, and one more place overlooked a lot of times is the vast deposits of oil in Iraq, While its proven oil reserves of 112 billion barrels ranks Iraq second in the work behind Saudi Arabia, EIA estimates that up to 90-percent of the county remains unexplored due to years of wars and sanctions.
Iraq Oil Reserves.
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4 comments:

  1. Gran says:

    I've lived in Seattle eight years, and we have always had a lot of people riding the bus and bicycling. We have even people doing so now, and I hope this current situation makes us all think about using alternate forms of transportation, as well as new kinds of fuel for our cars.

  1. Floyd says:

    I feel the same way gran, I hope that all become more aware of other forms of transpertation. Where I live now we have no bus system but it would be great if a lot of cities had more public transit, anything to conserve energy because in the long run the well is going to run dry on oil.

  1. Gran says:

    Floyd, I think there are a lot of places in the US where you need a car. Oklahoma City, where I visited last week, is an example. It's very spread out, with few buses, and a car is a necessity. Maybe we can start designing cities that have everything we need--food, recreation, etc., that we can walk to, or reach by public transportation, within a few minutes. I've been in NYC neighborhoods like this, a long time ago. I wonder if they still exist!

  1. Floyd says:

    I have been in larger cities like that also gran, Chicago, it had the stores, super-markets, etc. in the general neighborhood.

    I would like to see more areas like that, because for one thing our dependence on foreign oil must stop, the more we think green the better for us and our environment.