Producers and Consumers

“Since oil began to be drilled in 1859, the world has consumed 900 billion barrels - nearly half of the planet's reserves which means we'll have oil for another 50 years at the most.”

Francisco Mieres, Central University, Venezuela.

The responsibility for supplies and prices cannot only fall on the shoulders of producers.

Importer countries, whether industrialised or emerging economies, should rationalise consumption.

… the burden of internal taxes is overwhelming. In Europe, for example, taxes account for 70 percent of the final price for energy paid by consumers.

Rafael Ramírez, Venezuelan Energy Minister.

Humberto Márquez, “Oil Market Analysts Issue Dire Warnings,” Inter Press Service, 12/29/05.