Tuesday June 13, 2006

Brunei warns of oil crunch

peakoil.com -> breakingnews.iol.ie :

Brunei's energy minister has warned people of this cradle-to-grave welfare state to curb their "extravagant lifestyle" of wasting fuel and electricity, saying the country’s dwindling oil reserves will not last forever.

Energy Minister Yahya Begawan Mudim said the government expects to spend $144m on public subsidies this year to keep retail prices of petrol and diesel low, up from $106m in 2005. Because of such subsidies, the market price for diesel is cheaper than bottled drinking water, while low energy rates have made this tiny sultanate on Borneo island one of the highest per capita users of electricity in Asia.

Brunei's vast oil reserves were discovered more than a century ago and became a major export for this tiny country before World War II. Oil and natural gas account for nearly half of the nation's gross domestic product. But some experts say its proven oil reserves could run dry in around a decade.

See also :

1. Brunei to restrict retail fuel sales to foreign drivers
2. ASPO : Country Assessment – Brunei

(2006-06-13 18:58:29 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out