‘Saudi output peaked; due to decline’Published: Wednesday, 1 June, 2005, 12:13 PM Doha Time
By Tom Cahill
PARIS: Saudi Arabia, the world’s largest oil producer, may have hit its peak oil production and output may start to decline, according to Matthew Simmons, chairman of energy investment bank Simmons & Co.
Simmons writes in Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy that about 90% of Saudi Arabia’s oil output comes from seven fields, including three fields that have pumped for over 50 years. An unsustainable pace of water injection that may lead some “war-horse’’ fields to rapidly decline with few replacement sources in sight, he writes.
“The ‘twilight’ of Saudi Arabian oil envisioned in this book is not a remote fantasy,’’ Simmons writes.
gulf-times.com
Another example of the Shrub's failed policies. We are going to be in deep shit because wrong wingers THINK that all is OK because they won an "in your face" battle to drill the ANWR, when in fact it will only supply less than 3% of our usage TEN YEARS FROM NOW. The WMD deception as an excuse to invade Iraq for it's oil has been exposed. He has no plan B, and plan A is a failure, as he and those that defend him are.
A real leader would have taken action immediately after 9/11 to reduce our need for Saudi oil by promoting hybrid cars and alternate energy, instead the Shrub holds hands with it's leader, and told American's to go shopping for a big SUV. You can't get any dumber than that.
Del |
