PEAK OIL - The New Y2K or The Beginning of the Real End? Message Board

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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: Doug R	4/24/2005 9:45:59 AM
	of 1183

Kenneth S. Deffeyes, in Hubbert's Peak, wrote: Hubbert's prediction was fully confirmed in the spring of 1971. The announcement was made publicly, but it was almost an encoded message. The San Francisco Chronicle contained this one-sentence item: "The Texas Railroad Commission announced a 100 percent allowable for next month". I went home and said, "Old Hubbert was right." Saudi Arabia basically just came out and said 100% allowable. From the Wall Street Journal [$]: Saudis Vow Action On Oil Demand. Ali Naimi, Saudi Arabia's oil minister, also said the kingdom had tossed aside its production cap set by the Organization of Petroleum Exporting Countries and is willing to sell its customers every barrel of oil they want, up to its current capacity of 11 million barrels a day.

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