Medvedev speaks about impact of alternative energy on Russian Oil

Dmitry Medvedev President of Russia expressed concern recently over the future of the Russian oil and gas market after the creation of alternative energy sources.

Speaking at a meeting of the ruling United Russia Party, the president called the recent oil leak at the BP owned oil drilling platform in the Gulf of Mexico an environmental tragedy and said such occurrences force mankind to develop less harmful energy sources.

Mr Medvedev said “There is no doubt that they will be created. No one used oil 200 years ago, no one used gas 100 years ago no one used nuclear energy 70 years ago, now they are all used, adding that new sources of energy would soon appear, replacing oil and gas.”

Mr Medvedev also discussed oil prices and their impact on Russian society. He said that “Of course we want our energy resources to sell well and we do not want to see excessively low oil prices, but USD 140 a barrel is a catastrophe for Russia. Such a high price destroys all incentives for development.”

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