Era Of Cheap Gas Coming To An End, Warns Putin

From: RTT News - December 23, 2008

Read Full Article: RTTNews - Era Of Cheap Gas Coming To An End, Warns Putin 

Addressing a meeting of ministers from the world's major gas-exporting countries in Moscow on Tuesday, Russian Prime Minister Vladimir Putin said that the era of cheap gas is coming to an end as the cost of extracting gas has increased sharply in the recent years.

"Costs, which are necessary to develop the [energy] sphere, are rising sharply," Putin said at the meeting. "It means that despite the global financial crisis and price drop for energy resources, the era of cheap energy, including cheap gas, is coming to an end."

Russia is currently hosting a meeting of the Gas Exporting Countries Forum (GECF) in Moscow, and the meeting is being attended by ministers from 13 other gas-exporting countries.

The countries attending the meeting in Moscow are Algeria, Bolivia, Brunei, Egypt, Indonesia, Iran, Libya, Malaysia, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela. Equatorial Guinea and Norway are attending the conference as observers.

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