Manifesto Multilinko
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Monday, August 02, 2004


Energy crisis ahead

The crisis is coming sooner than predicted by the experts quoted in a four-part series in the Star this past week. It's coming this decade, according to a contrarian who has been prescient on the subject.

We know oil prices are at a record high. Production has peaked. No major new fields are being discovered. We are running out of oil, except in the Middle East and parts of Africa.

Natural gas has doubled in price in a year. A regional commodity that became continental will soon be traded worldwide, like oil: bought on one continent and sold in another, given the needs of North America.

That means huge Liquefied Natural Gas tankers. And LNG ports and depots. About 10 each on the East Coast, the West Coast and the Gulf Coast.

"LNG tankers and re-gassification terminals are the worst thing imaginable, from a security aspect," says Ed Schreyer. "One bullet by a terrorist, and you'd have a catastrophe."