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Old 12-30-2004, 06:40 AM
Born_To_Die Born_To_Die is offline
Join Date: Dec 2004
Posts: 57
Default Re: “Michael Ruppert Becomes Front Man for Illuminati Depopulation Agenda”

Peak Oil is a scam to justify extorsion prices

at the pump for the Rockefeller and Rothchilds

Large oil reserves found in China's Bohai Bay


BEIJING, Dec 24, 2004 (Kyodo via COMTEX) -- Large offshore oil reserves have been found in Bohai Bay in China's northeast as the country scrambles to keep up with soaring energy needs, China's state media reported Friday.

Exploration teams have found the Bohai Bay Basin in the innermost gulf of the Yellow Sea may contain 20.5 billion tons of reserves, with 9 billion tons already proven, according to the China Daily.

Analysts said while the discovery was good news for China, questions remain about whether that will lead to actual large-scale production.

"The amount is substantial," said Michael Lee, analyst at UOB Kay Hian (Hong Kong) Ltd. "But the question is actual production, in terms of technology as well as cost effectiveness."

The paper quoted the president of a research institute linked to China Petroleum and Chemical Corp. as saying the basin's total oil resources could potentially sustain the country's energy needs for some time.

The nation can still mainly rely on its domestically produced oil and natural gas to sustain its development, Jin Zhijun was quoted as saying.

Bohai Bay is one of China's major oil-production centers.

Jin was also quoted as saying there may be untapped oil resources in other areas in China, including the East China Sea, South China Sea and Yellow Sea as well as the country's western land areas.

UOB Kay Hian's Lee said he expects oil discoveries to continue since many areas in the country remain underdeveloped in terms of energy resources.

"There will definitely be new findings, but I don't know whether China has the technology to develop them all," Lee said. But he added that new technologies are being developed, especially through tie-ups with foreign companies, and that may affect the outcome.

China turned into a net importer of crude oil in 1993. Oil imports have increased as it tries to meet the growing energy demands of its fast-expanding economy, with imports reaching 36 percent of its total needs in 2003.

It is now the second largest oil consumer in the world following the United States.

China's oil imports rose to 99.59 million tons for the first 10 months of this year, already surpassing the 91.12 million tons imported in the 12 months of 2003.

Local newspapers have quoted oil industry officials as saying oil imports may reach 120 million tons this year, pushing up its reliance on imports to as high as 45 percent.
\" What luck for rulers that men don\'t think \"
Adolf Hitler

The New World Order: privatizing money printers,
one nation at a time.
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