Petrol insiders now nervous about Diminished Russian Fossil Fuel Supply

The production output of oil from Russia, highly depended upon for providing to new markets is having its own slowdown now just another factor making the oil business unstable which is contributing to the record high prices.

Russian output fell for the first time in a decade during the first quarter of 2008. The decline was a full percentage point over the same time last year which is a huge amount.

Declining production from the world's largest oil producer and one of its largest exporters puts further pressures on an already strained market and this could result in even higher prices when the prices are already setting records.

Gas prices are up six cents in one week and fifty one cents in the past year!. Diesel prices are going up even faster Diesel prices are 10 cents higher than last week and $1.18 higher than a year ago.

The fall of the dollar and the various bubbles that are bursting here in the USA have resulted in some reduction in the demand for fuel from the world's largest fuel consumer. however this is being counteracted by a faster increase in demand from places like India and Asia and we could see a rise in prices if there is any supply glitch. This is especially true since even Saudi Arabian oil output is down from this time last year.

Meanwhile, closer to home?

Also running low on current output is the second largest oil field in the world, Cantarell, in Mexico.

Cantarell, which currently produces one of every 50 barrels of oil on the world market, is in such a steep decline that many experts believe Mexico may become an oil importer in eight years. The impact on Mexico's already shaky economy which funds 2/5ths of its government's spending from oil export revenues would be major.

Possibly the bottom of the barrel on bad news about the oil industry is the lack of good news. There doesn't seem to be much at all. And the future for fossil fuels is pretty bleak. And ethanol is likely to cause ten to twenty million deaths in 2008 from starvation because crops are being grown for fuel instead of food. These are major issues that are not being confronted.

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