Energy resources may spark global crisis, Malaysian leader says

Energy resources may spark global crisis, Malaysian leader says

Prime Minister Abdullah Ahmad Badawi said the period of cheap oil is "effectively over" as rising demand in Asia and the United States, bottlenecks in the supply chain, speculative trading and political uncertainties have raised prices and sparked concerns over energy security.

Opening a two-day Asia Oil and Gas Conference, he said world consumption is expected to reach more than 100 million barrels of oil a day and some 150 trillion cubic feet of natural gas by 2025, the AP reports.