Monday, July 17, 2006

Intl Energy Agency preparing for world oil shock

Of the little real news coming out of this past weekend's G8 Summit in St. Petersburg, Russia is the Group of 8's endorsement of preparations for possible world oil shock. The leaders agreed they need a plan to coordinate the release of the member countries' emergency oil reserves, including the Strategic Petroleum Reserve in the U.S. Good thing, given they project that demand for oil, natural gas and coal among the member countries would increase by 50 percent above current levels by 2030, according to a report in Monday's editions of The New York Times. It wasn't clear whether that included demand from China and India, since neither of those countries is in the G8. The current members are: U.S., Russia, Japan, Germany, France, Britain, Italy and Canada.

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