Editor,

RE: "Russia and the post-oil economy” (The New Times, June 13).

Interesting perspective but oil prices will go up again and will probably never exceed $70 per barrel for two reasons: mainly because of Fischer-Tropsch process where coal can be converted to oil at about $65/barrel, and, to some extent, shale gas. Russia cannot be compared to Saudi Arabia.

Russia also has gas that the rest of Europe desperately needs for heating. Plus the Russians have a diverse economy. Saudi Arabia is probably in deep trouble given its lifestyle.

By the way, Iran will have more to offer in the next few years than the Saudis. The spill about market economy and all is really not what will take the Saudis and the Africans (Nigeria, Sudan and Angola) out of trouble. They need the leaders to be more strategic with their resources.

For Angola and Nigeria, their governments should invest in mechanized Agriculture with decrees. That will drive excess food production and export maybe but with some fiscal discipline.

Al