A Quote by Bobby Jindal
Finally, we should help developing nations like China and India curb their exponentially increasing consumption of oil and natural gas, which is driving world prices higher.
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About 75% of the price of gas is really dictated by crude oil. At the heart of the issue is increasing demand over a period of many years around the world. World crude oil consumption now is close to 90 million barrels a day. Most of the growth in demand is coming from China and the developing world.
Why are oil prices so low? First, energy consumption growth rates in developing markets have decreased. This is particularly noticeable in China. Second, new technologies are being developed and the shale gas revolution in the USA has taken place
Relative to oil, however, natural gas is very cheap and very attractive. And I think that natural gas in emerging markets is very attractive. There is very little natural gas infrastructure in places such as China, where there is tremendous demand for natural gas.
This morning, prompted by increasing concerns about terrorism, oil prices reached a record high as the cost of a barrel of crude is a whopping $44.34. Wow, it seems shocking that a product of finite supply gets more expensive the more we use it. Now the terror alert means higher oil prices, which oddly enough means higher profits for oil companies giving them more money to give to politicians whose policies may favor the oil companies such as raising the terror alert level. As Simba once told us: "It's the circle of life."
Just from a political perspective, do you think the president of the United States going into re-election wants gas prices to go up higher? Look, here's the bottom line with respect to gas prices: I want gas prices lower because they hurt families.
Russia was dependent on China growing and driving the demand for its commodities: oil, gas and minerals. China was an alternative to Europe.
Even if America tomorrow - and it won't happen overnight - but if we did reduce our demand for gas and natural gas and crude oil by a significant degree, that does have an exponential effect on producers in the Middle East, everything else being equal. But if China's demand is growing and India's demand is growing, they are not going back.
I think God has blessed this country with enormous natural resources, and we should pursue all of the above. We should be developing oil, and gas, and coal, and nuclear, and wind, and solar, and ethanol, and biofuels. But, I don't believe that Washington should be picking winners and losers.
The 'environmental left' tells us that, though we have natural resources like natural gas and oil and coal, and though we can feed the world, we should keep those things in the ground, put up fences, and be about prohibition.
The world wants India to remain an import-based economy. Then India can be a dumping ground where gold can be dumped and other commodities such as oil and gas. They look at India as a huge market.
Look at smartphones. We are seeing growth almost like a barbell. You see lower-priced but high-volume growth in the developing world. But it ends up the average selling prices in the developing world are actually a lot higher than what people think.
An oil crisis looms, prices are spiking - and our president is extolling algae. After Solyndra, Keystone and promises of seaweed in their gas tanks, Americans sense a president so ideologically antipathetic to fossil fuels - which we possess in staggering abundance - that he is utterly unserious about the real world of oil in which the rest of us live.
...the era of cheap oil and natural gas is coming to a crashing end, with global oil production projected to peak in 2010 and North American natural gas extraction rates already in decline. These events will have enormous implications for America's petroleum-dependent food system
John Kerry's campaign attacks on gas prices ignore the reality of Kerry's long record of supporting higher gas prices and blocking the president's comprehensive energy plan.
Russia does not have a modern economy: it's a petro-power. The only thing it sells that the world wants to buy is oil and natural gas. When was the last time anyone bought a Russian computer? A Russian car? A Russian cell phone? Russia is so dependent on high energy prices that if oil falls below $100 a barrel, the Kremlin can't meet payroll.
Today, being the biggest developing countries in the world, China and India are both committed to developing their economy and raising their people's living standards.
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