A week after Hurricane Katrina brought crude oil production to a halt in the Gulf of Mexico region, helping oil prices to an all-time high of $70.85 (57.76 euros) per barrel in New York last Tuesday and 68.89 dollars per barrel in London — double the price of oil in 2003 — the disaster is still serving as a reminder that the world is precariously reliant on oil and gas. And demand is increasing all the time. At an annual meeting of the German Council for Sustainable Development in Berlin, guest speaker Klaus Töpfer, head of the UN Environment Program UNEP, called for a speedy change in global energy policies. Referring to the implications of hurricane Katrina in New Orleans, he said it was obvious that such disasters could easily lead the world to the brink of a major energy crisis and demanded a quick revision of energy strategies which rely too heavily on crude oil reserves. Less dependency In the wake of Katrina, the 11-nation oil producers’ group, Opec, has said it was pumping a million barrels a day beyond quotas to help keep supplies running. “The current oil shock throughout the world is of major proportions and there… Read full this story
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