BP blames high oil on tight production.Byline: PORT OF SPAIN Port of Spain, city (1990 pop. 50,878), capital of Trinidad and Tobago, on the Gulf of Paria. It is the industrial and commercial center of the country. From 1958 to 1962, Port of Spain was the capital of the dissolved Federation of the West Indies; in 2005 it became : (Image: ) TodayCOs high energy prices stem from a failure to invest in production capacity and not from a lack of resources, and there are enough oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally to meet world demand for years, a BP executive said in Trinidad. C[pounds sterling]We are confident that enough energy resources exist to meet demand,C[yen] David Peattie, BPCOs group vice president for exploration and production, told the C[pounds sterling]Business Future of the AmericasC[yen] meeting in Port of Spain. C[pounds sterling]According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. our latest analysis in BPCopublished this monthCowe believe that proven reserves alone can provide enough oil for around 42 years at current levels of demand and enough gas for 60.C[yen] But investment in production facilities and infrastructure lagged during the era of low prices, hampering current efforts to bring supplies to market, Peattie said. C[pounds sterling]So todayCOs high energy prices do not result from any absolute lack of resources but from a tightness in production capacity, the ability to respond smoothly to demand,C[yen] he said. Oil prices rose by more than $5, to $140 a barrel, after Libya said it was studying options to cut output. The International Energy Agency projects that energy demand will increase by between 35 and 50 percent by 2030, and that $22 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. in investment will be needed in energy-supply infrastructure by then, Peattie said. He said it is important to invest in oil and gas because fossil fuels fossil fuel: see energy, sources of; fuel. fossil fuel Any of a class of materials of biologic origin occurring within the Earth's crust that can be used as a source of energy. Fossil fuels include coal, petroleum, and natural gas. will continue to be a major part of the energy mix in the future, but it is also vital to invest in technology. A[umlaut umlaut (  m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. ] Copyright 2008 www.tradearabia.com
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