Gordon Brown tries to persuade Opec to invest 'oil shock' trillions in west's green energy revolution

News Type: Event — Seeded on Sat Jun 21, 2008 8:11 AM EDT

Article Source: Guardian Unlimited

business, oil-prices, renewable-energy, gordon-brown, opec, windfall-profits

Gordon Brown will today plead with Saudi Arabia and other oil producers to channel some of their $3trn profits from the worst "oil shock" in history into wind, tidal and nuclear power in Britain and other western countries.

On the eve of a visit to a special summit on the oil crisis in Jeddah, the prime minister set out a two-pronged plan that would help wean the west off cripplingly expensive oil, and allow Opec countries to benefit from new environmentally friendly energy sources being developed in the west.

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{"commentId":2017152,"authorDomain":"mridulchadha"}

Mridul Chadha

Gordon Brown proposes that:

· Saudi Arabia and other oil producers, who are worried about the unpredictability of oil prices, which fell to $10 a barrel a decade ago, would be given the chance to take a major financial stake in the more stable market of renewable energy power in the west.

· Britain and other western countries would help to improve the supply of oil in the long term by being given greater chances to invest in oilfields and oil refineries in Opec countries.

{"commentId":2017152,"threadId":"295437","contentId":"1597504","authorDomain":"mridulchadha"}

1 vote

#1 - Sat Jun 21, 2008 8:13 AM EDT

{"commentId":2020745,"authorDomain":"energynet"}

energynet

Term that caught my eye in the article was his

"NEW DEAL" with OPEC....

Would there be even a hint of disdain in the eyes of OPEC as one of the leaders of the western world, and one that played a major roll in the invasion of Iraq be treated as a welcome guest or more likely as a major world leader is who watching has his culture is on the verge of collapse?

The Jeddah event sounds like the kind of event that should be on every TV in the western world.

The term New Deal is one of the most important images in U.S. history and for Brown to recoin this idea and take it before the very people who have been under the thumb of the crown for so long will be an interesting moment in deed.

{"commentId":2020745,"threadId":"295437","contentId":"1597504","authorDomain":"energynet"}

1 vote

#2 - Sat Jun 21, 2008 10:44 PM EDT

{"commentId":2020923,"authorDomain":"mridulchadha"}

Mridul Chadha

You made a great point, energynet. I was thinking that Brown must have been out of his mind to offer Middle east nations majority stakes in the new energy initiatives in the West. Maybe he's out to cleanse Britain's image in the region.

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1 vote

#2.1 - Sat Jun 21, 2008 11:31 PM EDT

{"commentId":2021058,"authorDomain":"energynet"}

energynet

I watched an Al Jazeerah documentary on world history according to the mideast perspective a number of years ago.

There is not a country in the middle east that doesn't have some kind of anger over the west for how it was conquered, and then divided up all with the intent of playing oil games.

The dealers are smart. They might just bite, but at what or who is the question...

{"commentId":2021058,"threadId":"295437","contentId":"1597504","authorDomain":"energynet"}

1 vote

#2.2 - Sun Jun 22, 2008 12:11 AM EDT

{"commentId":2021223,"authorDomain":"mridulchadha"}

Mridul Chadha

Brown is playing a gamble. The Middle east countries would surely love to have majority stakes in the western countries' power supplies. But they (western countries) will be repeating their mistakes. Energy security is essential now than ever before, the world should learn from this oil crisis that we should no longer be puppets to the oil producing countries.

{"commentId":2021223,"threadId":"295437","contentId":"1597504","authorDomain":"mridulchadha"}

1 vote

#2.3 - Sun Jun 22, 2008 1:07 AM EDT

{"commentId":2021393,"authorDomain":"energynet"}

energynet

Its gonna be pretty hard to ween the west off of cheap oil. Europe has been working on it pretty hard, unlike the U.S. which is trying to build a bigger mouse trap.

Sadly, I think India is gonna be playing a role in the coming crisis that's gonna hurt a whole of its people. their recent negotiations to build a pipeline from the middle east will put them on a collision course with the right wing dominator agenda in the U.S.

Are you aware of india's equivalent to the U.S. EIA? I'm wondering what the average energy footprint of a middle class Indian is today, say compared to somebody in the U.S.

{"commentId":2021393,"threadId":"295437","contentId":"1597504","authorDomain":"energynet"}

1 vote

#2.4 - Sun Jun 22, 2008 2:33 AM EDT

{"commentId":2021490,"authorDomain":"mridulchadha"}

Mridul Chadha

I agree. Lifting ban over offshore oil drilling won't solve the crisis. People say that nuclear deal is dead but I think it's the Iran-Pakistan-India which has an uncertain future. Although the Indian government has sent a letter to Iran for initiation of trilateral talks, US pressure & the security issue of the pipeline would force the Indian government to rethink about the project.

I don't know the India's equivalent to EIA but energy footprint of an Indian is very low compared to an American (i read somewhere as much 15 times less).

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2 votes

#2.5 - Sun Jun 22, 2008 3:10 AM EDT

{"commentId":2021572,"authorDomain":"energynet"}

energynet

thanks.

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1 vote

#2.6 - Sun Jun 22, 2008 4:04 AM EDT

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Gordon Brown tries to persuade Opec to invest 'oil shock' trillions in west's green energy revolution

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