AMMAN, July 20 (Xinhua) -- Energy experts cautioned
here the fossil fuel of oil is facing the danger of exhaustion and that the
world is in urgent need of developing alternative energy resources, local daily
Jordan Times reported Sunday.
A station attendant fills up a car at a
gas station in Valparaiso city, about 75 miles (120km) northwest of
Santiago, July 2, 2008. (Xinhua/Reuters, File Photo) Photo Gallery>>>
"Oil is finished, it's over with, it's done," said
Paul Sullivan, economics professor with the National Defense University in
Washington said during a seminar on energy, security and development at the
University of Jordan.
Most of the major oil discoveries in the last century
were made in the 1960s and 1970s, and any further discoveries will not come
easy, he said.
"The next potential areas of oil will probably be in
the Arcticor very deep water," said Sullivan, adding that the extractions under
such conditions would be "very expensive."
In addition, he said political uncertainty in the
world's current major oil producers, such as Nigeria's difficult political and
economic situation, instability in the Gulf region and the disputed Iran nuclear
issue, drives new energy innovation.
The expert said he believes, however, there is a
silver lining in the recent hike in oil prices, adding that many engineers and
inventors now focus on developing alternative energy resources in line of
current surging energy cost.
Nawaf Tell, director of the Center for Strategic
Studies with the University of Jordan, echoed Sullivan by saying that it is the
time to look into energy alternatives.
In addition to the government's recent push towards
nuclear power, Tell said Jordan's energy portfolio should include wind and solar
energy as well as a renewed focus on energy efficiency.
Sullivan suggested oil-barren Jordan should consider
an energy technology of "solar tower," a two-km-high concrete tower affixed with
solar panels.
Using solar panels and massive wind vanes, wind
generated by a temperature difference in the solar tower could generate enough
electricity for 2 million people, he said, noting that applying such technology
would cost the kingdom between 300 million to 500 million U.S. dollars.
Moreover, Sullivan said Jordan has another potential
energy source, underground shale oil, which has the potential to produce some 40
billion barrels of oil.
VIENNA, July 10 (Xinhua) -- Since last July, the average
oil prices of the Organization of Petroleum Exporting Countries (OPEC)have
almost doubled, rising from less than 70 U.S. dollars per barrel (dpb) to over
140 dpb. Facing the skyrocketing prices, different people gave different
reasons. Full story
WASHINGTON, July 14 (Xinhua) -- U.S. President George W.
Bush lifted on Monday an executive ban on offshore oil drilling, while calling
on Congress to act as well.
"The American people are watching the numbers climb higher
and higher at the pump and they're waiting to see what the Congress will do,"
Bush told reporters at White House.
BEIJING, July 15
(Xinhua) -- U.S. President George W. Bush announced Monday the lifting of an
executive ban on offshore oil drilling and urged Congress to follow suit to
tackle soaring oil prices, but Democratic lawmakers refused to abandon the ban
and said Bush's move was a "hoax."
Some four months before the November presidential
elections, the disputes over the lifting of the drilling ban are part of the
political contest between the Republicans and Democrats, analysts say.
NEW YORK, July 15 (Xinhua) -- Crude prices plunged
almost 7 U.S. dollars a barrel Tuesday, the biggest daily drop since 1991, due
to fears that U.S. economic woes could hurt global oil demand.
Light, sweet crude for August delivery declined 6.44,
or 4.4 percent, to settle at 138.74 a barrel on the New York Mercantile Exchange
after hitting 135.92 dollars earlier. In London, August Brent crude fell 5.17
dollars to settle at 138.75 dollars a barrel on the ICE Futures exchange. Full story
BEIJING, July 9 -- When Thomas Friedman published his
bestseller The World Is Flat in 2005, it portrayed a new world of global markets
where historical, regional and geographical divisions are becoming increasingly
irrelevant.
It was a very different world. US productivity still
seemed relatively solid and global growth was strong.
