Thursday, June 12th, 2008
It is worth reading the complete article linked below, but in the end, whether what we are seeing here is the result of real “Peak Oil,” or “constrained oil” is not important. The fact still remains that we must wean ourselves from fossil fuels for national security and environmental reasons:
Saudi King Abdullah drops quiet bombshell; U.S. media sleep through it
| Written by Steve Andrews and Randy Udall |
| Monday, 21 April 2008 |
On April 13, Reuters reported the following from Riyadh:
Saudi Arabia’s King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the world’s top exporter for future generations…
“When there were some new finds, I told them, ‘no, leave it in the ground, with grace from god, our children need it’,” King Abdullah said…
Saudi production capacity stands at around 11.3 million bpd, and is scheduled to rise to 12.5 million bpd next year.
The King’s remarks seem to confirm a statement made last year by Saudi oil minister Ali al-Naimi who, when asked “How high can your production go?” replied, “We’ll get to 12.5 million barrels a day and then we’ll see.”
If the Saudi announcement was a bombshell, American nearly newspapers ignored it. We decided to canvass experts we respect to see what they thought. Excerpts follow:… |
Tags: constrained oil, oil reserves, peak oil, saudi arabia, saudi oil, untapped oil reserves
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