Ideally, this new discovery would lead to a tiny, self-contained oil well: In comes plants, out comes fuels or chemicals.
Ideally, this would lead to a tiny, self-contained oil well: In comes plants, out comes fuels or chemicals.
Edwards is a self-made oil billionaire who was earlier than most in appreciating the opportunity of extracting sulphurous oil from sand in northern Alberta.
Traditional geopolitical relationships would be turned upside down, with such resource-poor and technology-rich countries as Israel and Japan suddenly able to achieve energy self-sufficiency, while the oil-producing dictatorships would finally have to face the consequences of decades of squandered wealth.
In 15 years we will go from 80% self-sufficient in oil and gas to 80% imported.
Once self-sufficient in oil, it has been a net importer since 1993 and today faces a widening oil deficit as demand outstrips supply.
Moreover, Brazil is one of the few countries in the world that is self-sufficient in oil and has the largest farmable area in the world.
It should arguably be self-evident to the oil industry, based upon its own long and difficult experience with trying to open up additional domestic sources, that LOST enthusiasts are promising much more than our politicians have shown a willingness to deliver.
Allegations of fraud and self-dealing surround the Iraqi oil-for-food programme carried out under its name in the 1990s.
High energy costs are simply taxes collected by the owners of energy who are mostly foreign (although some feel that we can soon be fairly self-sufficient, producing most of the oil and gas we need domestically).
Elisabeth Gerber, of the University of California in San Diego, has found that opulent special-interest groups such as the oil and tobacco industries almost never succeed in pushing through self-serving initiatives, though they can sometimes block measures aimed against them.
The good news is that we can dramatically increase our energy self-sufficiency in the transportation sector where we currently consume 70 percent of the oil, some two-thirds of which is imported.
Were the industry to think things through and conduct its due diligence on this treaty, it would also be self-evident that LOST will impose severe costs on American oil companies, leaving the consumer stranded at the pump with even higher gasoline prices, after having been led to believe that salvation lies beneath the polar ice.
The combination of oil dependence and production constraints set up a self-sabotaging boom and bust cycle.
Mr Scott told the gathering that islanders should also use oil and gas off their coasts for any future negotiations on self-determination.
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By flooding the market with billions of dollars and then making public prognostications that oil prices will rise, such gamblers are accused of creating a self-fulfilling prophesy.
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But as soon as government finances improved, as cheap Venezuelan oil partly replaced vanished Soviet largesse, the authorities stopped issuing new licences for self-employment and suffocated family businesses with draconian taxes and endless bureaucracy.
Lewis is an unassuming, self-made tycoon who shuns the spotlight, and is notable for having the only U.S. oil company with a contract to drill for Pemex in Mexico.
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