Russia: Energy Priority #1
Jun 4th, 2008 | By Byron King | Category: Emerging MarketsWhile US Senators and House Members call in US oil executives to berate them, and shareholder activists pillory the Boards of large oil companies for allowing the CEO to serve as Chairman, Mr. V. Putin of Russia implores his shipbuilders to build new and advanced vessels to develop that nation’s offshore energy deposits.
“The principal direction is the creation of a complete line of ships and equipment to extract and transport oil and gas from offshore deposits,” said Mr. Putin. “This includes drilling platforms, ice-class gas carriers and icebreakers.”
Building new ships to develop Russia’s offshore resources was the FIRST item on the agenda of the FIRST cabinet meeting of the new Medvedev government.
Russia will leverage its long and proud tradition of building exceptional vessels for its navy and commerce fleet. The maritime-industrial decline of the post-Soviet era is coming to an end. “Priorities have been decided,” said Deputy Prime Minister S. Ivanov, “We have enough money.”
Ah, music to one’s ears… “We have enough money.” When was the last time anyone in the US heard a politician make such an affirmative, purposeful declaration?
And to learn of these developments you have to read about them in the Sakhalin Times, not the New York Times or Los Angeles Times. U.S. news media, of course, have other things to cover — like motorists whining about the price of gasoline.
Each nation has its different priorities, I guess. What you see depends on where you stand. So where does the US stand on “energy?” While Russia is developing, the US is ignoring events. The political class, and its media enablers, rush headlong towards the energy-equivalent of the Little Big Horn.
More on the topic here.
Until we meet again,
Byron King
Note: Byron King is a frequent contributor to the free e-letter Whiskey & Gunpowder. To receive daily insights into energy, oil, commodities and other natural resources sign up here!
Source: Russia: Energy Priority #1
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Byron is now a contributing editor to Energy and Oil, Whiskey & Gunpowder and editor of Outstanding Investments. After Harvard, Byron has followed developments in the oil and gas industry for more than three decades.