Peak Oil, according to Wikipedia is the time when the maximum rate of global petroleum production is reached, occurs after the final rate of production decline. The opinions, when will the world actually reach peak oil scenario, but a new report by Wikileaks infamous Julian Assange site shows detailed the United States believes it is highly visible in his face - as early as 2012th
Maybe that's what the Mayan calendar is all about?
Namely, the gas-guzzling sport utility vehicles, heavy pick-up and possible, it may not exactly know the end of the world as we know it, but if the report is correct, it could be understood to death on a number of popular vehicle segments, the mainstream sports car. Electric and hybrid-Mustang and Camaro models may not be as bad in the very near future, right?
This revalatory report deals with a meeting between Sadad al-Husseini, a geologist and former head of exploration at Aramco (the state national oil company of Saudi Arabia) and U.S. officials. Husseini, an expert on the subject, suggested that Saudi Arabia does not rely as much oil as the country wants to make us believe, and that it is unlikely to continue producing its current rate to have 12.5 million barrels per day.
All this is to say that the world has run out of oil - far from it, in fact - but it means that to keep Saudi Arabia, the largest country in the Middle East and the land that is thought by experts such as one fifth of the world's proven oil reserves as a whole, not in a position to provide enough oil to keep the world in operation today.
If nothing else, this report provides us reason to believe that oil prices do not remain almost as low as they currently are, and that large price increases could happen rather sooner than later. Thanks for the tip, Glenton!
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