Saturday, July 5, 2008

Too Valuable to Use

Via Arts and Letters Daily:
Oil has gotten too expensive even for the oil producers.

.....the state-owned Oman Oil Company signed a memorandum of understanding with two Korean companies on the construction and operation of several coal-fired power plants. Dubai, for its part, is initially planning to build at least four large facilities with a cumulative output of 4,000 megawatts. Abu Dhabi also wants to get into the act. Even Egypt is thinking of constructing its first coal-fired plant on the shores of the Red Sea.

Oil-rich Russia is planning the construction of more than thirty new coal-fired power plants by 2011.

They are currently able to sell their oil at record prices on the global market (currently over $140 a barrel). At the same time, they are able to satisfy their own energy needs at a much lower cost with coal shipped in from overseas.

No comments: