Chapter Meeting -19 June, 2004

Group discussion – The group discussed the following topics:

·        OPEC effectively dispensed with oil production quotas last week by raising them above the maximum production capacity of nearly all of the producing nations.  Saudi Arabia asked other major exporters to increase production.  Mexico, Nigeria, Venezuela, and Russia could not increase production.

·        Oil analysts are forecasting the world oil peak (when consumption exceeds production capacity) is likely to occur by the end of 2007, and could occur as soon as Thanksgiving 2005.

·        When demand exceeds supply, oil prices theoretically have no limit.  The impetus for hydrogen conversion is imminent.  The next rapid increase in oil and gas prices will occur as soon as Thanksgiving 2004 (winter heating season in the Northern Hemisphere).

Tech update main announcement:

·        China introduced hydrogen fuel cell cars, buses, and fueling stations at the Beijing Auto Show this week.  They will be in use at the 2008 Olympics in Beijing.

·        Triax reports that platinum supplies are sufficient to build 3.6 billion fuel cell automobiles.

Chapter Events