Russia, China, Iran Will Offset Fossil Fuel Reductions in U.S.

Wall Street Journal: "Unless there is some technology breakthrough, demand for fossil fuels will continue to grow for decades. And Russia and China will take advantage of U.S. energy disarmament. Russian oil giant Rosneft warned last fall that retrenchment by U.S. and European companies would result in higher prices and shortages. 'Someone will need to step in,' Rosneft senior executive Didier Casimiro said."

"In November Rosneft announced a $170 billion oil and gas project in Russia’s north, which it claims can supply the entire world’s oil demand for a year. It says the project will become the world’s largest liquefied natural gas producer by 2030. Russia is also laying down thousands of miles of oil and gas pipelines to supply Europe and Asia."

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