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[QUOTE]Originally posted by bond006: [QB] posted on his website, "Most oil-producing countries are in decline. The rise in production was largely from Saudi Arabia, Russia, and Angola." "The Saudi production for 2005 was 9.155 million barrels per day. On March 6, 2003 Saudi Aramco and the government of Saudi Arabia announced by way of the Dow Jones newswire that they were maxed out at 9.2 barrels per day. In retrospect, that statement seems to be accurate." From here it only gets worse. Let me quote Deffeyes again: "There are calls for embargoing Iranian oil because of the nuclear weapons situation. Pulling four million barrels per day out from under the world energy supply might trigger a severe worldwide recession. In the post-peak era, we're playing a new ball game and we don't yet know the rules." "Ghawar, the supergiant Saudi oilfield, is producing increasing amounts of water along with the oil. When [Matthew] Simmons sent Twilight in the Desert to the printer, the water cut at Ghawar was around 30 percent. There are later reports on the Internet (home.entouch.net/dmd/ghawar.htm) of water cuts as high as 55 percent. Ghawar has been producing 4 million barrels per day; when the Ghawar field waters out, you can kiss your lifestyle goodbye." At the beginning of the 20th century, oil supplied only 4% of the world's energy. Today, it is the single most important energy source on the planet. The present world energy situation is a house of cards, built on diminishing oil and natural gas supplies, geopolitical tensions in the Middle East, the global population explosion and the booming economies in China and India Pulling any one card out from the bottom of the pile might collapse the whole structure. Luke Burgess [/QB][/QUOTE]
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