The surplus on trade in oil fell to just £202 billion from £235m in October.
In a few years, the global production of conventional oil will fall, while the global demand continues to rise. The resulting shock of this structural oil famine is inevitable, so great are the dependency of our economies on cheap oil and. related to the first, our inability to wean ourselves from this dependency in a short period of time.
North Sea oil, the precious resource that has contributed hundreds of billions of pounds to the UK economy, is slowly slipping into history -- so should Britain panic?
British Petroleum states that Russian oil reserves equal to 60 billion barrels.
Such relatively modest amount leads us to believe that a new Russian law consummated in February 2004 was no coincidence. According to the new law, any information concerning oil reserves in the country is in fact State secret.
Russia, now the second largest oil producer in the world, warns that its oil supply will last only until 2010.
Just as certain as death and taxes is the knowledge that we shall one day be forced to learn to live without oil.