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Politics : Foreign Affairs Discussion Group
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From: geode007/9/2005 1:20:33 AM
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True? From the McLaughlin Group: Saudi Arabia has told us that it cannot supply what the US needs after 2015.

============= Now THAT's scary. OK, everyone dust off those old bikes and buy many pairs of running shoes. :)

"Saudi Arabia is running out of oil reserves, and we should put ourselves on a 'war footing' to prepare for a future without the black gold, according to a new book by Texan oil banker Matt Simmons.

In Twilight in the Desert, which will be published in the UK later this week, Simmons argues that the Saudis have dramatically overestimated their potential future production, which he believes could peak - and begin to plummet - within a few years. 'Saudi Arabia really is at high risk of a production collapse,' he warns....

He believes the current oil price rise is only the beginning.

'The bottom line is that I still think that $60-a-barrel oil is a remarkable bargain,' he says. 'We need a pricing committee to start taking a "cold shower" look at what the real value is. My guess is that will be somewhere between $250 and $400.

'The sooner oil users begin understanding what the real long-term cost of oil has to be, the easier it will be for everyone to cope with fast-rising prices for the world's highest-volume and most expensive commodity.'..."
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