Russian World of Oil
What do you think of when you see gas prices? Many automatically start complaining about the high prices it takes to fill up your tank now-a-days, but this isn’t the case in Russia. They currently are pumping 650 billion cubic meters of gas per year, and one cubic meter is the equivalent to about 36 cubic feet. Now that is a lot of oil. It is said that they have pumped enough gas to sustain themselves for over a century. They currently are the largest exporter of oil, and are home to most of the largest oil reserves in the world. Russia’s largest oil company is Rosneft, which has recently reported a 10% profit in its third quarter. Rosneft like many Russian companies is majority owned by the government, and they currently drill in Siberia, southern Russia and surrounding areas. They don’t have control of any pipelines but the company runs two successful refineries. This success may not last though because competitors are seeking licenses to drill and research oil in the Artic. This poses a threat to these companies because they have already spent millions in exploring possible oil areas. In all, one of our most sought after natural resources is being used to boost Russia’s economy, and keep their gas prices low.