Gas countries to create a gas-OPEC? Please

So this story has been published by the papers, but what’s the big picture? Ol’ Putin is whispering into the oil and gas producing countries to create a gas-OPEC.

These countries attended his henchmen meeting: 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 as observers.

Do you find this funny? I do. Natural gas is an abundant source of energy. Sure, you can link the cost of oil drilling rising to slightly higher costs of gas, but it’s a bi-product. Have you ever driven past an oil well. I lived in Bahrain for a year, in the middle east, and I have. They have so much gas being produced from oil drilling, they burn off excess. A common practice.

The funny part:

Most of these countries don’t even have infrastructure security to protect oil or gas pipelines. AND, some of them have a no-burn law, where they cannot burn excess gas from oil mining. And…get this, they don’t even have enough storage for their current production…that’s why most of them burn it.

Action:

Tell your politicians that you are tired of Russian (Putin) aggression.

Which is a bigger story in itself. Some speculate that Putin is trying to get back into office. They attacked Georgia the day the Olympics started. Putin tells Europe the era of cheap gas is over, and The current president of Russia, Dmitry Medvedev, has recently increased the presidential term to 6 years vise 4.

This term extension has been debated over the past year as a sign that Putin would be attempting to get back into Russian presidency. This might be a conspiracy theory at this point, but lets keep our eye on it.

Links:

http://news.bbc.co.uk/2/hi/europe/7796806.stm