Saudi Arabia Running Out of Oil

Saudi Arabia reveals plans to be powered entirely by renewable energy
-World's biggest oil producer says it wants to make a 100% switch from fossil fuels to clean energy-

http://www.theguardian.com/environment/2012/oct/19/saudi-arabia-renewable-energy-oil

The Saudis are not doing this because of climate change or environmental issues. They are doing this because their oil reserves are rapidly dwindling. I follow energy issues very closely, and the sources I read say over and over again that Saudi Arabia will become a net oil importer by 2030.

The late Matt Simmons wrote about this in his 2005 book Twilight in the Desert. Simmons examined over 200 reports written by Saudi Aramco on Saudi oil production, and claimed the Saudis were lying about their remaining reserves.

Imagine the psychological shock that will be felt around the world on such news….. Will oil rise to $250 or $300 per barrel when this news becomes mainstream?

In the meantime, as Saudi oil production wanes, U.S. oil production is set to grow to 10 million barrels per day by 2030; largely because of our advanced extraction technologies, which are allowing extraction of oil from tight-shale formations, as well as breathing new life into mature fields.

Another thing that is going to drive the price of oil upward......

Iraq Oil Armageddon
-Bombs, Bloodshed, and Civil War-

http://www.energyandcapital.com/articles/iraqi-oil-armageddon/3693

“Iraq is falling apart.

Civil war is looming...

On Monday, 18 bombs went off in Iraq. The Washington Post reported:

The blasts on Monday — 18 in all — were the latest in a surge of bloodshed that has swept across Iraq since April, killing more than 3,000 people and worsening the already strained ties between Iraq's Sunni minority and the Shiite-led government.

In July alone, nearly 700 people have been killed in insurgent attacks.
Al-Qaeda is back on the march since the United States pulled out of Iraq.

The pace of violence is growing fast, and it looks like a return to a civil war (or just a continuation of the fighting that has been going on in the Middle East since the Battle of Siffin in 657).

Last week, the terrorists broke into two separate prisons, freeing hundreds from Abu Ghraib — including top Al-Qaeda leaders.

This news doesn't seem to have registered with the dominant press in this country, which, when it isn't concerned about the farce of the New York mayoral race, is more concerned about Syria and Egypt….”

It looks like Iraqi oil production is set to either fall or completely collapse. Not because they don’t have enough of the stuff, but because oil production is dependent upon there being political stability in the countries and regions where it is being produced. Global demand is currently 93 mbd, but global production is only 91 mbd. This is keeping the price higher than it would be.

Though oil production in the Middle East is threatened by the Saudis running dry and Iraq dissembling into civil war, luckily for North America, the U.S. and Canada are seeing a resurgence in petroleum production.  Bad news from the Middle East and the cost of extracting newer petroleum finds here is going to keep the price of gasoline high--$5.00 per gallon gasoline might be closer than you think.

ZVUGKTUBM wrote:Another thing that is going to drive the price of oil upward......

Iraq Oil Armageddon
-Bombs, Bloodshed, and Civil War-

http://www.energyandcapital.com/articles/iraqi-oil-armageddon/3693

“Iraq is falling apart.

Civil war is looming...

On Monday, 18 bombs went off in Iraq. The Washington Post reported:

The blasts on Monday — 18 in all — were the latest in a surge of bloodshed that has swept across Iraq since April, killing more than 3,000 people and worsening the already strained ties between Iraq's Sunni minority and the Shiite-led government.

In July alone, nearly 700 people have been killed in insurgent attacks.
Al-Qaeda is back on the march since the United States pulled out of Iraq.

The pace of violence is growing fast, and it looks like a return to a civil war (or just a continuation of the fighting that has been going on in the Middle East since the Battle of Siffin in 657).

Last week, the terrorists broke into two separate prisons, freeing hundreds from Abu Ghraib — including top Al-Qaeda leaders.

This news doesn't seem to have registered with the dominant press in this country, which, when it isn't concerned about the farce of the New York mayoral race, is more concerned about Syria and Egypt….”

It looks like Iraqi oil production is set to either fall or completely collapse. Not because they don’t have enough of the stuff, but because oil production is dependent upon there being political stability in the countries and regions where it is being produced. Global demand is currently 93 mbd, but global production is only 91 mbd. This is keeping the price higher than it would be.

Though oil production in the Middle East is threatened by the Saudis running dry and Iraq dissembling into civil war, luckily for North America, the U.S. and Canada are seeing a resurgence in petroleum production.  Bad news from the Middle East and the cost of extracting newer petroleum finds here is going to keep the price of gasoline high--$5.00 per gallon gasoline might be closer than you think.

President Barack Hussein Obama is happy. While smiling that broad grin and telling the low and middle income people he is all in for them...he screws them at the gas pump and everywhere else he can.