Malaysia PM : tussle for energy resources may spark global crisis

Malaysia's leader warned of a global crisis over the tussle for energy resources amid declining supply, and urged major oil producers and consumer nations to jointly develop new resources. Prime Minister Abdullah Ahmad Badawi said the period of cheap oil is "effectively over" as rising demand in Asia and the United States, bottlenecks in the supply chain, speculative trading and political uncertainties have raised prices and sparked concerns over energy security.

"The growing demand for depleting oil and gas resources is likely to trigger more intense competition to gain access and control over these resources," Abdullah said. "Following the current slim excess capacity situation faced by the industry, the tussle for energy resources could become more acute and may even develop into a global energy crisis."

With energy consumption in Asia projected to grow 3.5 percent a year through 2025, nearly three times higher than developed economies, Abdullah urged Asian consumer nations to invest in energy exploration and development in Asia to cut their dependence on Middle East oil. Asia holds huge potential for new discoveries as it is still vastly unexplored, he added.

Post a Comment:

Comments are closed for this entry.

« Toyota to double... | Main | Al Gore: we're at or... »

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