The Oil Drum | DrumBeat: December 21, 2007

161 comments on DrumBeat: December 21, 2007

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InJapan on December 21, 2007 - 11:17am

Putin attends opening of Toyota's new St. Petersburg plant
http://en.rian.ru/russia/20071221/93651267.html

ST. PETERSBURG, December 21 (RIA Novosti) - Russian President Vladimir Putin attended the launch ceremony of a new Toyota plant, which opened on Friday near his home town of St. Petersburg in northwest Russia.
[...]
The Russian president said about 1,000,000 cars annually would roll off production lines with foreign involvement in Russia over the next three-four years.

Here is what I don't get.... if indeed Russian energy industry insiders know/expect Russia to be peaking in oil imminently, with future declines steep, then why is Time's Man of the Year (and now supposedly the richest man in Europe) encouraging the increase of consumption in his own country, while at the same time also promoting Russia as a export savior (source of energy) to a great deal of Eurasia? Is he anticipating that NG/NGL can more than make up for the loss of crude?

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westexas on December 21, 2007 - 11:58am

Here is what I don't get.... if indeed Russian energy industry insiders know/expect Russia to be peaking in oil imminently, with future declines steep . .

I suspect that your premise is wrong. I suspect that they believe that the current forecast of a small decline in exports is a result of what they consider to be a short term drop in production combined with the ongoing rapid increase in consumption.

Denial is rampant in oil producing areas.

I have frequently described the comments by the Texas Stage Geologist (in response to a question from me in 2005, 33 years after Texas peaked) that while Texas may not be able to equal its peak oil production, we could, with the use of "better technology," significantly increase our production.

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161 comments on DrumBeat: December 21, 2007

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