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December 23rd, 2008:

Cartel Calls for End to 'Cheap Gas'

American Energy Coalition - December 23rd, 2008

Major gas-exporting nations have formed a new OPEC-like cartel for utility gas based in Qatar, according to a story on Canada.com. With the formation of the Gas Exporting Countries Forum (GECF), Russian Prime Minister Vladimir Putin warned that the "era of cheap gas" is over and consumers will face higher prices in the future. The new cartel includes Algeria, Bolivia, Egypt, Equatorial Guyana, Indonesia, Iran, Libya, Malaysia, Nigeria, Qatar, Russia, Trinidad and Tobago, the UAE, and Venezuela. According to some estimates, the group accounts for well over two-thirds of the world's natural gas reserves and as much as half of its production.

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