Topic: peak oil is nearly here

[piersdad]

Peak oil: closer than you think
 
Since April, the fate of offshore drilling has been in jeopardy. Politicians have been demonizing deepwater drilling ever since.

Now the chances of them having any knowledge on offshore drilling are slim... But that's okay; I don't expect them to look beyond their own re-election campaign.
 
 Prayers won't save the Saudis from peak oil

Giving the public a false sense of security will make matter worse — much worse. It should be clear that an oil crunch is about to take center stage... again. This time, however, it will make $150/bbl oil look like pennies.

 Saudi Arabia's King Abdullah dropped a bombshell....

According to the Saudi press, the Saudi King ordered a complete halt to oil exploration operations.

Takes your mind off of the BP drilling ban, doesn't it?

As you know, Saudi Arabia is the world's largest oil producer, pumping out 8.26 million barrels per day just last month. The country holds reserves of more than 260 billion barrels of crude oil and condensate.
(about 8 years till they runout)

Why are they halting exploration?

According to King Abdullah:  "... I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors, God willing."

Could this finally be the nail on the peak oil coffin? Is the mighty Ghawar oil field about to follow the same path as Mexico's Cantarell oil field?

At this point, only time will tell. The Saudis closely guard their oil field data, so it's impossible to know for certain.

And don't forget that OPEC members are masters of deception. OPEC members magically doubled their reserves in 1980s; Iraq did it twice in five years.

Either way, it's a strong message from Saudi Arabia to the world — one that says, “Don't expect us to keep the taps open for long

so I expect the saudis are expecting the price to increase as they cut back their oil thus preserving a steady income.
any one want a cheap hummer

my estimate is a huge price increase  by 2012