The 2013 Energy Forecast

A special report by the Casey Research Energy Team

The 2013 Energy Forecast

Welcome to Casey Research!
A worldwide race to secure energy resources is on, and the stakes are immense. We that is, the Casey Energy Team believe the prize for the nation that wins the race is time: time to adjust to the inevitable new reality of expensive, undersupplied energy. But countries that fail to provide for this inescapable situation will find it increasingly difficult to maintain a high standard of living. The fact is that planet Earth is running out of accessible supplies of oil, uranium, coal, metals, and virtually every other natural resource. Not supplies, but accessible supplies deposits that can be mined, processed, and transported to market cheaply enough that the prices they fetch will cover the cost of getting them there with a bit of room left for profit. The race for energy resources that the entire developed world is engaged in has broad implications for investors as well. While no one will escape the pinch of rising energy prices, those who act now and take advantage of the rapidly deteriorating energy landscape can reap gains that could be truly life changing. Well talk more about how to parlay the worlds energy predicament into profits a little later in this report, but first we want to provide a historical perspective about the world energy situation. While there are still old-fashioned wars over resources, countries now prefer to gain control over them using nonviolent tactics. Buying energy deposits outright, purchasing energy-producing companies, and investing in projects that raise the living standards of people who live in underdeveloped, resource-rich countries and thus winning over their hearts and minds are the preferred methods of gaining access to valuable energy supplies. Regardless of whether countries battle it out with armies or use nonviolent means, the bottom line is theyre in a dogfight for ever-more-scarce sources of energy that will only get more intense in the coming years. China and India are key players in this new conflict, as these countries demand more and more energy each month to support their burgeoning populations. At the same time, the worlds major oil producers are being squeezed between increasing domestic demands for more energy and declining production rates, and this squeeze will mean less oil for the rest of the world. Making matters even worse, obstacles like terrorism, natural disasters, and technological challenges increasingly impede new project development. The key issue is that, as a global population, were tapping out the easy resources. This is leaving us reliant on complicated, expensive deposits (think light sweet crude vs. oil sands). And while alternative energies like solar, wind, and geothermal power offer promise, they are not at present viable replacements for dwindling conventional oil. For this reason, they have yet to break into the mainstream and are highly unlikely to do so for some time.

Global competition for natural resources rages on

International competition for energy and other natural resources is nothing new, of course. Germanys invasion of Russia in WWII, Iraqs 1990 attempt to overrun Kuwait, and Japans assault on China in 1937 are but three examples there are countless others. For most of human history, such conflicts were fought the old-fashioned way with invading armies running roughshod over resource-rich countries in order to wrest control of desired energy deposits, precious-metals mines, agricultural lands, and the like. But things are changing.

Like it or not, were stuck with fossil fuels

The need for oil, natural gas, uranium, and other conventional sources of energy will be with us for the foreseeable future. New discoveries of these resources are badly needed, but the entities that unearth them small, thinly capitalized junior exploration companies that rely heavily on outside investment dollars to fund their projects 2

The 2013 Energy Forecast

have been severely hampered due to the global economic strain of the last few years. As a result, they now face steep financing barriers and if funding dries up for the worlds exploration engines, so will new discoveries of resources. So what are investors to do? We sure cant single-handedly resolve the worlds financial crisis or bring alternative technologies up to speed. Nor can we just sit on our hands and numbly disengage from it all, as doing so would shut us out of incredible profit opportunities across the energy sector. What we need to do is adapt our investment strategies to suit the shifting landscape, as doing so can yield fantastic rewards. But to put yourself in position for these rewards, you have to cut through a plethora of facts and figures that can obscure the trends and transformations that really matter to investors. Thus, in this 2013 Energy Forecast, well explain the key transformations and only use the most pertinent facts to support our views. Well begin by taking a closer look at

Stiff competition
China has given itself a head start in the resource race. In the last few years, the resource-hungry giant has focused more than ever on the economically fertile African continent, where it has seeded billions of dollars part of the economic development model known as the Beijing Consensus. Thanks to Beijings largesse, which includes investments of $6 billion in the Democratic Republic of Congo, $8.4 billion in Nigeria, and $16 billion in Ghana, the International Monetary Fund (IMF) forecasts that by 2015, seven of the ten fastest-growing economies will be African. China is now Africas largest single trading partner, and the trading goes both ways. To the US government, which balks at showing up with suitcases full of cash and is much tougher in negotiating deals and contract details than the lenient Chinese, this rapid Eastern expansion into Africa is a significant threat. During a recent stop in Senegal, US Secretary of State Hillary Clinton warned that The days of having outsiders come and extract the wealth of Africa for themselves, leaving nothing or very little behind, should be over in the 21st century. And it is certainly no coincidence that following Chinas push into Africa, in 2006 the US government founded AFRICOM and has since then massively increased US Army presence on the continent, as well as military aid and arms deals for African countries. An official at Chinas Ministry of Foreign Affairs acknowledged that for the Americans, military diplomacy is a way to counterbalance China and to maintain a strategic edge. One thing that may make the United States look like a better trading partner in the future, though, is the dismal track record of Beijings generous infrastructure investments in return for access to Africas natural resources. According to the Diplomatic Courier, a global-affairs magazine, Chinese-built hospitals, roads, and bridges have a tendency to crumble within a short time. A hospital in Angola, erected in 2006, was in danger of collapsing only four years later. Roads in Zambia, as reported in The Economist, were washed away by rain. A $5.7 million bypass built and paid for by the China Water and Electric Company became impassable one year after it opened. And the brand-new African Union complex in Addis 3

The growing race for shrinking resources

Planet Earth is not running out of resources there are still billions of tons of almost every resource we need. The problem is that we are running out of accessible resource deposits. Those are the ones that: (1)  carry enough grade and size to be worth the effort (2)  are not buried underneath too much rock or ocean (3)  do not sit in the middle of a delicate ecosystem, watershed, or park; and (4)  are relatively close to transportation infrastructure. We may not be running out of resources in general, but we are running out of resource deposits that fit those characteristics.

The 2013 Energy Forecast

Ababa, built in 2012, had ceilings that started leaking within just six months. This is just to give you an idea how desperate the grab for natural resources is, and how fragile the balance of (foreign) power on the African continent is the perfect setup for all manner of black swan events, as well as a severe rise in energy prices. But to really assess the big picture, well also need to talk about supply. exports the other two-thirds. The revenues from those exports account for about 95% of the countrys export earnings, about 40% of federal budget revenues, and roughly 12% of GDP money that Venezuelas government needs to pay for the massive social programs and domestic fuel subsidies that help keep President Hugo Chvez in office. Right now, income is just enough to cover costs. But that situation is changing. Venezuelas production declined 10% from 2009 to 2011, and we expect that decline rate to get worse; for one thing, Chvez is relying more on Brazilian largesse than his own revenues to keep Venezuelas infrastructure operating. Yet the countrys own demand for that oil is increasing the most reliable figures suggest over 40% in the last decade. Such trends are on a collision course, and Venezuela is already feeling the Big-Pinch conundrum: It needs to reduce exports to keep more oil for domestic use, but it needs to keep export revenues high to maintain its fuel subsidies and social programs. The only way to keep the balance sheet from bleeding red is to raise export prices. The Big Pinch is being felt not only in Venezuela. A slew of major oil-producing countries around the world are facing this exact problem, from Iran to Indonesia to Nigeria, Saudi Arabia to Mxico. The only answer to this conundrum of rising domestic demand, for both oil and oil export money, is to increase oil prices. Its a matter of simple math. While this development will be unwelcome news to consumers, the inevitable increase in oil prices should present investors with tremendous profit potential offsetting rising consumer prices many times over.

The Big Pinch

Heres a basic math problem for you. A country produces a certain amount of oil every year, keeping one-third of it at home to supply its population and exporting the rest. To keep the people happy, the government uses a fair chunk of its export revenues to subsidize domestic fuel prices and to pay for generous social programs. That all balances out for a while. The problem is this: When fuel is cheap, people use lots of it. Over time, the government finds itself needing to keep more of its oil at home, to sate that fuel-hungry populace. That means less oil is available for export, but with all those fuel subsidies and social programs to support, the government needs to maintain or even increase its export income. At the same time and heres the real rub the amount of oil it produces declines every year. After years of production, the countrys oil fields are depleting, as are the profits from that oil. Without a major influx of capital spending to update aging infrastructure and implement recovery-enhancement technologies, output will continue to shrink. And in most of the countries where this tale holds true, the companies running the oil fields are owned by the state, which means that oil-export revenues have to support these capital programs, in addition to the social programs the people have grown accustomed to.

Sector focus: Petroleum

To say it in a nutshell: Were bullish on oil prices. For instance, China spent over US$20 billion on global oil acquisitions in 2012 alone, a 30% increase over the US$15 billion its typically spent in the last five years. China has a vast supply of US dollars; its looking to convert them into tangible oil assets and is helping the Big Pinch along in the process. 4

Case study: Venezuela

Venezuela, run by a man who tried to overthrow the government after it introduced austerity measures, currently uses about one-third of its oil production domestically and

The 2013 Energy Forecast

Nor are they alone. In 2012, India spent more than US$5 billion on buying OPO (other peoples oil). Most of the rest of Asia is also in the race to secure future supply of black gold by trading their depreciating US dollars for appreciating oil assets. One country in the table stands out in particular: Norway is struggling with both production and export. Norwegian oil from its Brent fields in the North Sea is critical to the reliable supply of oil for Europe. The United States has done well in the past few years to reduce its dependence on imports significantly via development of unconventional oil and gas fields. Thats a trend that must continue if America is to enjoy any semblance of energy security. Another thing the US has managed to do is keep oil and gas prices much cheaper than in either Europe or Asia. GDP growth correlates directly with energy consumption, so the cheaper its electricity and energy costs are, the better a countrys economy will do. Unfortunately, Europe is too strapped with debt to compete with China, India, and other Asian tigers racing to acquire oil supplies. The best solution for countries like Germany is to produce their own energy by exploiting old oil fields using enhanced-recovery technology developed in North America, and some companies are

Production vs. exports

Weve noticed something else, this time on the production end. Overall, production numbers are increasing, yet the export numbers for most global oil suppliers are declining. In other words, many of the worlds oil-producing countries are consuming more domestically and exporting less as a result just like our example, Venezuela. That points to less supply for the global market and higher prices for oil consumers. Global Oil Suppliers: Four-Year Production and Export Changes (thousand barrels per day)
Country Saudi Arabia Russia Iran Nigeria UAE Iraq Norway Angola Venezuela Kuwait Country Saudi Arabia Russia Iran Nigeria UAE Iraq Norway Angola Venezuela Kuwait 2006 9,152 9,247 4,028 2,440 2,636 1,996 2,491 1,413 2,511 2,535 2006 7,036 5,106 2,540 2,190 2,324 1,480 2,176 1,393 2,349 1,760 Production 2009 2011 8,250 9,458 9,495 9,774 4,037 4,054 2,208 2,525 2,413 2,679 2,391 2,626 2,067 1,752 1,907 1,786 2,239 2,240 2,350 2,530 Exports 2009 2010 6,274 6,844 5,430 4,888 2,295 2,377 2,051 2,341 2,036 2,142 1,878 1,914 1,759 1,602 1,757 1,928 1,691 1,645 1,365 1,395 Change 3.4% 5.7% 0.7% 3.5% 1.6% 31.6% -29.7% 26.4% -10.8% -0.0% Change -2.7% -4.3% -6.4% 6.9% -7.8% 29.3% -26.4% 38.4% -30.0% -20.7%

A Word About Netbacks

When analyzing an oil company, we always look carefully at its netback, the total cost to bring a barrel of oil to the marketplace. We believe netbacks will be more important in 2013 than ever before, especially for juniors and mid-tier companies that lack a cushion of cash. For example, wed stay away from companies producing less than 15,000 bopd (barrels of oil per day) out of the Western Canadian Sedimentary Basin. Some pretty attractive dividend yields are on offer from companies operating there; however, theyre the result not of good financials but of a push from bankers that has led to consolidation and company desperation to attract investors. The netbacks are low, the declines high, and theres no room for error if these companies want to maintain their dividend yields. The markets are full of yieldchasers at the moment, and we think this sector will take many victims in coming months.

The 2013 Energy Forecast

positioning themselves to do just that. There are two more, less prominent European countries with past-producing fields and the infrastructure to support bringing them back to life. Across the Adriatic from Italys heel, Albania has one of the largest onshore oil deposits in Europe and has recently been exposed to modern recovery methods; further north, Romania is another country with World War II-era oil deposits that can get a boost from modern technology. We believe Europe is in the early stages of an energy renaissance, one sparked by the Big Pinch specifically, by the drive to decrease dependence on Russian energy and expensive Middle Eastern oil. The renaissance may take a bit of a breather if Brent oil, the European benchmark, takes a dip down, but it wont stay down for long at least not enough to loosen the Big Pinch. Athabasca Basin, source of the most extensive highgrade uranium in the world. 3.  The Metropolis Works conversion plant in Illinois, which closed in May 2012 for routine maintenance, still hasnt started production again. It probably will in mid-2013, but meanwhile the worlds enrichment plants have been missing almost one-quarter of their supply of starting material, UF6. Owner Honeywell (HON) has been implementing upgrades at the 60-year-old facility required by the US Nuclear Regulatory Commission after the Fukushima disaster. 4.  In the political arena, Japans parliamentary elections in December 2012 returned the Liberal Democratic Party and former Prime Minister Shinzo Abe to power. Abe wasted little time in expressing his intent to bring Japans nuclear program back online. 5.  In the United States, the head of the Department of Energy (DOE) announced a fresh start to its nucleardisposal issue on January 10, 2013, emphasizing the importance of nuclear power to US energy security as well as of building community consensus. Finding a replacement for the defunct Yucca Mountain project removes a contentious issue from the countrys nuclear debate. 6.  We believe uranium prices, dipping into the low US$40s, have finally found solid ground. They arent headed yet for the pre-Fukushima highs of US$70/ pound U3O8 let alone the US$130+ the market enjoyed before the economic crisis hit in 2008 but we think theyll get there in the next few years. Its simply hard to get around the fact that demand is going to outstrip supply, and soon. With 62 reactors globally under construction and about to join the worlds 440 operating reactors, supplies are going to get very tight, and many countries know it: China, India, Japan, South Korea, Saudi Arabia, and Russia lead the pack in maneuvering for position. Meanwhile, the Americans are about to lose half of their uranium supply when the Megatons-to-Megawatts program ends. Another agreement named the Transitional 6

Sector focus: Uranium

The uranium sector, by many decried as dead after the Fukushima disaster, has recently been on an upswing, as weve been predicting since the catastrophe in Japan. In fact, in January 2013 alone, it showed more action than in all of 2012. We expect prices of U3O8 and its conversion product, UF6, to rise significantly in value in late 2013, especially once the Megatons-to-Megawatts program between Russia and the United States winds up at the end of the year.

Some recent action pointing to uraniums rise

1.  ARMZ, a Russian state company, announced the takeover of Uranium One (T.UUU) in January in an obvious move to secure supply. For C$1.3 billion, it will acquire UUUs assets in Kazakhstan, the United States, Australia, and Tanzania. ARMZ held about 51% of Uranium One already, but will be taking the company (and, of course, its uranium) private by purchasing the remaining shares. 2.  Denison Mines (T.DML) is expanding its assets in the

The 2013 Energy Forecast

Supply Contract will kick in, but nobodys betting the United States will be handed anything but a much stiffer price tag by the Russians. What is clear is that Bargain Days are ending for Americas nuclear industry. Not only will enriched tails be more expensive than downblended warheads, the United States is losing its inside track to supply. Itll just be one more bidder for Russian uranium. Put all this together, and we see uranium prices heading up in the medium to long term. Well be continuing to follow the oil and gas and uranium stories in our monthly newsletters, Casey Energy Dividends and Casey Energy Report, two valuable resources for energy investors.

Uranium supply, post-Megatons

Under the Megatons-to-Megawatts program, the United States will have bought over 14,000 metric tons of reactor fuel downblended from roughly 20,000 Russian nuclear warheads. Its generated about 10% of US electricity for the past 20 years. Under the new contract, the Russian firm TENEX will provide uranium from the other direction that is, enriching uranium tails (leftovers from processing) from its commercial inventory. This approach requires a fair amount more effort, which is quantified via a measurement called Separative Work Units (SWUs). SWUs do measure work, but not in the strict definition that physicists mean. Instead, SWUs measure the amount of work that an enrichment process must perform on a given mass and grade of uranium to enrich it to whatever level is required for a particular application. Pretty complicated, then, but the term serves an important purpose. For example, companies use SWUs to evaluate whether its economic to enrich this uranium to that degree, via this process at these prices of feedstock, product, and energy. You might think of the term as a sort of cost of enrichment factor. Under the Transitional Supply Contract (TSC), the United States will pay for SWUs 21 million of them until 2022, with an option for 25 million more instead of the enriched uranium itself. Thats because different batches of tails contain different amounts of leftover uranium. Thus its not yet clear just how much nuclear fuel the US will get out of the deal, but USEC (USU), the US partner company for the TSC, hopes it will be enough to tide over needs until its American Centrifuge enrichment facility is built and comes online several years from now.

What not to buy right now

One sector were currently bearish about for at least the first half of 2013 is natural gas. Its not just the flood of supply in North America from gas shales; the return to nuclear energy in Japan will also lower demand for gas, and several countries are completing infrastructure and increasing exports of liquefied natural gas (LNG), Russia and Australia among them. Then there are those huge fields in the eastern Mediterranean looming on the horizon. Were bearish on coal, too, for some of the same reasons. Simply, the whole sector looks overbought at the moment, so now is not the time to get in.

Situation report: Junior exploration companies

The juniors dont produce energy. Theyre explorers small-cap outfits that do the dirty work of discovering new deposits of oil, natural gas, uranium, and other forms of conventional energy. They rarely have positive cash flows and are thus highly dependent on the market for funding. Its a high-risk game that can result in failure for the company and investors alike.

The 2013 Energy Forecast

If youre going to invest in junior exploration companies, it pays to:  Understand and have experience in the industry  Get to know the key players of your targeted companies (especially the management teams)  Have the ability to discern a likely winner from a dud. Most important, it pays to perform thorough research to minimize the risks inherent in this sector. Why bother with all this effort? Because the rewards can be astronomical, especially if a junior hits pay dirt and is bought out by a mid- or large-cap energy producer. When that happens, early investors often reap outsized gains. For example, when Marin first mentioned Canadian oil and gas company Africa Oil on national television, the stock traded around the $1 mark. After the company discovered an oil deposit in Kenya, the share price shot up to close to $11 a rise of nearly 1,000%. One of the tricks to finding juniors that are in position to handsomely reward investors is to ensure they have access to sufficient capital to keep promising projects moving forward. Unfortunately, this is a huge problem for junior resource explorers right now. Access to that life-sustaining capital is becoming more and more difficult in the new global financial reality. Juniors can use two avenues to raise money. The more common method is the equity raise, where the company issues and sells shares. In uncertain economic times, however, investors move away from risky options like resource-exploration juniors in favor of more stable options like utilities, banks, and transportation. With the pool of potential investors so shrunken, any junior needing to raise money on the markets will be forced to do so at a large discount, and they will often give incentives to investors willing to provide funding. The other way juniors can access money is by taking on debt. Companies usually use debt to fund development of a project, reasoning that as soon as the project is up and running it will produce cash flow that can be used to pay the debt back. But theres a problem here too: The banks that have historically worked with juniors are moving away from small-debt deals. Thats because banks work on percentages, so to them bigger is better. They dont make much money by doing small deals and, as part of a general movement to clean up balance books and make operations more efficient, theyll just stop bothering with deals that appear to be more trouble than theyre worth. With the junior markets hurting for access to capital, you would think theres a way for the informed investor to profit, right? Absolutely, there is. The basic answer is to analyze a companys books to see if it has sufficient cash flow to continue its explorations. Failing that, you need to ensure the company youre eyeing as an investment has access to adequate funding (in other words, other peoples money). There are several other, more specific rules that we use to guide our investment recommendations, which are detailed below. They all share one underlying goal: to minimize risk. Companies have a wide range of tools available to do this, such as finding a partner to share the costs of developing a project or focusing on regions that offer the best prices for their products. As investors, we have to mitigate our risks by choosing companies that are focused on doing so and by locking in gains when we get them, despite the potential that we may be selling a bit early. This requires significant expertise that typical investors lack.

Our investment strategy

We take eight crucial considerations into account before we recommend a junior miner to our subscribers:  People who are the key players involved with the company?  Property does the company have promising properties with a strong likelihood of yielding energy deposits?

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 Phinancing how is it going to pay for everything? Is there significant cash in the bank (or access to it)?  Paper what is the structure of the company?  Promotion how will it get its story out?  Politics how stable, safe, or meddlesome is the jurisdiction in which its exploring?  Push whats going to move the stock? Is there any chance of a takeover? (Takeovers are usually good for early investors.)  Price how much will the company be worth if it achieves its objectives? We call these the Eight Ps of Resource Stock Evaluation. Heres a more detailed rundown of them. P  eople: The first question we answer is, Who are the key players involved in the company? What we want to see is a management team that has a track record of finding significant energy deposits. If the company doesnt have anyone with a solid track record on its management team, its a strong signal to steer clear. P  roperty: Obviously if the company isnt exploring areas with good odds of yielding energy deposits or if it doesnt have any plans in the works to gain access to such properties, its likely a dog that needs to be avoided. P  hinancing (financing): When we consider buying a junior explorer, were essentially trying to match up the companys next-phase objectives with its ability to finance the cost of obtaining those objectives. To that end, we thoroughly investigate a company to find out where the money to fund its projects will come from. Is it in the bank? Is it going to borrow it? If so, what are the terms? Is it going to issue more shares, or is it going to keep its own corporate treasury intact and instead look for money from a deep-pocketed senior mining company? Armed with all this information, we then determine how likely the company is to get the money it needs. P  aper: Paper and financing go hand in hand, since capital is often raised from the issuance of new shares. We research a company to find out how many shares there are outstanding, who owns them, and what percentage of these shares management owns (we like to see management have a clear incentive for success). We also like to know if there are any warrants outstanding which are like an option provided by the company to buy newly issued shares at a set price (these are given to investors who participate in private financings). Its always worth understanding whos got the shares, at what price, and when the company may issue more. P  romotion: You can have the greatest junior resource company in the world, but you can still go broke if no one knows about it. We like to see a company with an active investor- and media-awareness program that will generate trading volume. This will drive up share prices, which in turn gives us the opportunity to take profits off the table when its time to sell. P  olitics: A junior explorer can be sitting on the biggest oil deposit in the world, but if its in a jurisdiction of an unfriendly or tax-happy government, a government prone to nationalizing foreign interests, or a country wracked by terrorists, beware. This is why we personally visit the companies on our radar the only way to answer political questions is by assessing the mood of the locals and greed level of politicians, firsthand. P  ush: We analyze a company to determine what could move its stock higher. It could be a number of things, like a major increase in the price of the underlying commodity, positive feasibility studies, a potential merger, the resolution of a legal or regulatory difficulty, or some other event. P  rice: Much of a junior exploration companys value is determined by the price spread between what it would cost to extract the resource and bring it to market and the market price of the said resource. Were not too interested in companies that are fully valued, meaning that the market has them priced fairly based on the profits to be made by bringing their discoveries to the marketplace. But when market factors make a company undervalued and that can happen as a result of swings in the price of the underlying resource, as well as swings in the price of the stock we see profit opportunities for ourselves and our subscribers.

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This is an ever-fluctuating equation, which we constantly monitor. When it results in a lower stock price for a company weve previously recommended, it gives us a more favorable entry point for purchasing additional shares. And for companies weve had our eye on, it often triggers the initial buy signal. This works for us when its time to take profits as well. For example, when the market reappraises a previously undervalued company weve recommend to fair value, we often see it as an ideal opportunity to close some or all of our position, allowing us to reallocate capital for better opportunities. team in your corner can help you find the right companies and speculate on them more successfully. Not only that, simply investing alongside experts and understanding how and why they made their decisions will be invaluable to your future as a resource speculator. The Casey Research energy team can be your expert help. At Casey Research, we offer two publications that will help you profit in the energy sector. The first is Casey Energy Dividends, which focuses on large- to medium-cap dividend-paying energy companies the best of both worlds for investors who want to combine share-price increases and yield. Try Energy Dividends today, at an annual subscription price of only $79. Click here for more details. The second monthly advisory is the Casey Energy Report, which features undervalued small-cap energy explorers and producers. Were minimizing the inherent risk associated with these more volatile companies by applying the 8Ps (mentioned above) and by taking profits early on, to let the rest of our investment ride for risk-free gains. The Energy Report aims to achieve double- and triple-digit gains in a time frame of 12-24 months. Click here for more details.

Your next step

While you could certainly do your own due diligence and get answers to the above questions yourself and find the right stocks to take advantage of the big trends in oil and uranium weve covered above, its hard, timeconsuming work. Fortunately, you dont have to do it all yourself especially while youre still learning the nuances of this complex industry. In fact, because the energy sector is tricky to navigate, its worthwhile to enlist well-qualified help. Having an expert

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The 2013 Energy Forecast

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