DantesPeak
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Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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 Posted: Wed Jul 02, 2008 8:36 am Post subject: Gulf Energy Ministers Predict 40% Rise for NG Price |
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Even with the sharp rise in the price of natural gas throughout the world this year, some significant Persian Gulf natural gas exporters predict the price of natural gas will rise more to catch up with the energy equivilent price of oil.
| Quote: | Natural Gas to Converge With Oil Price, Exporters Say
Last Updated: July 2, 2008 08:24 EDT
July 2 (Bloomberg) -- Natural gas, trading at a 40 percent discount to crude, may rise to reach the record price of oil as demand for cleaner-burning fuels increases, according to energy ministers from Qatar, Algeria and Iran.
U.K. natural gas sells for 71.35 pence a therm, or the equivalent of $85 a barrel based on its energy content, compared with $141 for Brent crude. British natural gas rose 38 percent this year, lagging behind the 50 percent advance in oil.
Natural-gas use worldwide rose 3.1 percent last year, almost three times faster than the 1.1 percent increase in oil, according to figures compiled by BP Plc. Gas is cleaner-burning than oil and creates half as much carbon dioxide as coal when used to generate power, helping ease the buildup of greenhouse gases blamed for climate change.
``Gas is clean and it is an alternative to oil,'' Qatar Oil Minister Abdullah al-Attiyah said in an interview in Madrid this week. ``The price should be at least competitive to oil.'' Qatar holds 895 trillion cubic feet of gas reserves, the world's third- largest, after Russia and Iran. |
Bloomberg
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