from Al Jazeera: Oils Supplies Could last 140 Years

[leftyladyfrommo]

at present rate of consumption. That is what the head oil guy in Saudi Arabia is saying - we have only used 18% of capacity. And we have 4.5 trillion barrels in reserve.

That doesn't seem to be the story we are getting in this country.

http://english.aljazeera.net/homepage


economy news headline

[mainegreen]

1. And the head oil guy of Saudi Arabia has no reason to lie.

Nope. None at all.

[leftyladyfrommo]

2. You think this adm. is more credible?

I would believe the Saudis before I believed Bush and Cheney and Rove.

[mainegreen]

6. No, and their denying peak oil as well.

They spout the same nonsense as the saudis about vast oil reserves still left.

[The2ndWheel]

12. Haha, hahahahaha, hahahahaha

Ha, ha, ha. Hahahahahahaha. Hahahaha? Hahahaha, ha ha!

[jsamuel]

3. the oil price spike was not due to "peak oil", it was SPECULATIVE TRADING

on the futures market.

oil has peaked in the futures market, if you have stock in that, get out now... that has peaked

[FoxOnTheRun]

4. it's all big scam by the monopoly man

[LSK]

15. and chaos in the region (Iraq)

[NEOBuckeye]

5. Yeah, suuuuure n/t

[Strelnikov_]

7. Wonder Why No One Is Reporting These Reserves

[leftyladyfrommo]

8. That report seems to just be hitting the news now.

I just saw it come up on another site.

[frylock]

9. read palast's 'armed madhouse'..

he says pretty much the same thing.

[The2ndWheel]

10. At present rate of consumption, nt

[Richard Steele]

11. The key being "at the present rate of consumption".

The rate of consumption is RISING; increasing at an amazing rate.
China alone has seen almost exponential growth in oil consumption
as they compressed the last 150 years of 'industrial revolution'
into 2 short decades.

The "rate of consumption" is not a straight, flat line-
it's a VERY steep curve.
The rate of consumption goes up daily.

And at the "present rate of INCREASING consumption", all known
reserves MIGHT be used up in as little as 30 years.

And the Saudis know this; they themselves are at PEAK pumping
capacity. They've known for the last few years that drilling
more wells in their oilfields no longer produces more oil.

[cobalt1999]

13. Of course the world would be uninhabitable by then.

4.5 trillion barrels of additional CO2.

[leftyladyfrommo]

14. Well, yeah. There is that. n/t

[lovuian]

16. Stay Dependant on our Oil don't go Hydrogen Ethanol stay

oil and keep giving us money...