---
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
U.S. Energy Secretary Expects Higher Oil, Carbon Costs in Future
2010-12-06 20:06:11.809 GMT
By Alex Morales
Dec. 6 (Bloomberg) -- U.S. Energy Secretary Steven Chu said
he expects oil prices to rise in the coming years and that the
cost of carbon dioxide emissions also probably will increase.
"The crude oil production of currently producing fields
will be declined," Chu said in Cancun, Mexico, where envoys are
negotiating a new global warming agreement. "That means crude
oil in fields yet to be developed and yet to be discovered will
have to increase. We're going into new forms of oil, new
discoveries and unconventional oil.
''A business-as-usual scenario says more oil will be
demanded. An increasing fraction of this oil will be coming from
offshore and unconventional sources'' that are more expensive,
and ''that would drive the price of oil.''
He also said that in the future, ''we will live in a carbon
constrained world.''
For Related News and Information:
Top Stories:{TOP<GO>}
To contact the reporter on this story:
Alex Morales in London at +44-20-7330-7718 or
amorales2@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net
