Precious Commodity Fluids

Last night I switched to a Japanese TV station since it was in the clear. They charge for the station as a rule, but they also open it up for anyone to see when the news is on. I have no idea why I enjoy watching it since I don't speak Japanese, but I guess I sometimes hope to see footage of Godzilla (or, more properly, Gojira) rampaging through Tokyo or something. Anyway, as I watched an avuncular man use an old-fashioned wooden pointer to note special sections of Japan and their upcoming weather while an obedient young woman stood by and semi-bowed on occasion during his presentation, I distracted myself by reading the "crawl" on the bottom of the screen which was, strangely, in English. A story that caught my eye stated that Russia was determined to increase its oil production and become the world's largest petroleum exporter, passing even the mighty Saudi Arabia. I remembered from my youth how the United States and Russia were the two largest oil producers in the world, but with all the issues facing the former Soviet Union, I had long since lost interest in them as an oil producing nation. I was more intrigued by their infamous mafia and the infighting between the now-free republics. But after reading this I tried a bit of Googling here and there and now find myself more confused than ever. Some stories say that Russia is already the largest oil producer in the world. Some make the distinction that they produce more but do not export the same amount as Saudi Arabia. Some talk about refined oil vs. crude. Some talk about all energy products (which includes natural gas, etc.). In sum, the statistics are confusing given the report. I don't recall the story as I read it, but I think Davos was mentioned in there as well. So, what we have here is a typical news story: long on hype and short on facts.

What are the ramifications of Russia becoming the world's largest oil producer/exporter? Does this speak more of Russia's desire to make hard currency or to Saudi Arabia's inability/unwillingness to raise its own production? Can they, in fact raise production? How does this tie in to Peak Oil? Was Russia's vast holdings taken into account by Dr. Hubbert? What are the geopolitical implications? Will this, yet again, stall us from doing what needs to be done: making it a national priority to get off of petroleum? Will Russia sell to our competitors? If this story is true, why did I only see it on a crawl screen on a Japanese news program? Why do I care? What is a "commodity fluid gap?" Why are you still reading this?