need for renewable energy and the need to improving US electric power grid.

Experts familiar with natural gas production figures understand that this is just the beginning of what is to come. Australia’s THE AGE reported on January 14th that, “Australia is confident it can win liquified natural gas contracts with the United States worth up to $50 billion, amid warnings that America is facing a looming energy crisis.”

In describing the new LNG contracts The AGE went on to report: “American liquefied natural gas imports are expected to increase ten-fold over the next six years and total US energy consumption is expected to surge by about 32 per cent over the next two decades.

In the Sept. 2003 DOE report, Balancing Natural Gas Policy - Fueling the Demands of Growing Economy warns that the US is facing a severe Natural Gas crisis within the next 10 years and there is nothing we can do to avoid a crisis. This new report showed a downward revision by 22% of the 1999 prediction of future US natural gas production.

All major petroleum players are cutting back on North American natural gas exploration and are instead looking overseas. Last year BP's natural gas production in the lower 48 states fell 13%, Exxon Mobil's production was down 10%, ChevronTexaco's fell 11%, and Royal//Dutch Shell's declined by 15%.

In Oct 2003, Texas natural gas production was down 12% from Oct 2002. In Sept 2003, Canadian natural gas exports were down 13% from a year ago.

It will be a miracle if the deteriorating natural gas supply does not devastate the economy. We can all look forwarde to rising heating costs and rising food costs.

For the rest of the Story see: http://www.fromthewilderness.com/free/ww3/011904_gasupdates_summary.html

Oil Producers May Abandon the Rapidly-Falling Dollar

Reuters news agency is quoting former Malaysian Prime Minister Mahathir Mohamad as having told the Saudis that they should sell oil for gold ... not US$ ... to avoid being "short-changed" by a decline in the US currency. "The price of oil is US$33 ... but the dollar has declined by 40% against the Euro, so you're effectively getting US$20," Mahathir told an economic conference, Sunday. "So you're being short-changed!"Â… Moves are afoot for a majority of Organization of Petroleum Exporting Countries (OPEC) to switch to Euros ... a major decision is expect when the oil cartel meets next month and senior Venezuelan diplomats have already been speaking with Russian, Mexican and Arab counterparts to shake off the shackles of dependency on the US currency as it continues its international nosedive.

http://www.vheadline.com/readnews.asp?id=14555

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