Wikileaks on Peak Oil

From today’s Guardian:

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.

The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East.

Read the full story here:

http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

Advertisements

One Response to “Wikileaks on Peak Oil”

  1. Ben @ Shipping Container Homes Says:

    It’s about time we really started to think about other forms of energy production.
    Hell, we can even grow algae in packets, in buildings and warehouses, and process them into oil that can be used as we do oil now. It’s madness to think we’re not doing too much about this!! :O

    Ben.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: