Re: Saudi oil field declines.

From: Al Koop <koopa@gvsu.edu>
Date: Thu Apr 29 2004 - 20:21:52 EDT

For all those out there who want great news about oil, here it is from
the chair of ConocoPhillips.

You get to figure out who more accurately representing the sitation.

Oil Age End Coming Soon

29.04.2004 5:51

http://www.neftegaz.ru/english/lenta/show.php?id=48030

The chairman of ConocoPhillips Inc., Archie Dunham, said technological
advances will replace traditional crude oil, gas and coal long before
the world
depletes those energy sources.

The world's oil supply will outlast global demand, remaining relatively
inexpensive and becoming cleaner to burn, predicts the ConocoPhillips
chairman.

The world can rely on fossil fuels for the bulk of its energy needs for
the next
100 years," Dunham said Wednesday, adding, "the oil age will end long
before the
world will run out of oil."

Dunham spoke as domestic gasoline prices hit record highs with crude oil
prices
above $30 per barrel. Those prices helped earnings at ConocoPhillips
rise 32
percent to $1.6 billion in the first quarter, according to company's
report.

The world is using more oil than oil producers are finding, despite
improvements
in exploration technology. The world demand is expected to grow by 60
percent in
the next 30 years.

Dunham said improved gathering technology and more efficient cars such
as
hybrids that use a combination of gasoline and electricity will keep
supplies
flowing into the next century.
Received on Thu Apr 29 20:23:03 2004

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