Out
From Mike Ruppert, this unsubstantiated bit of potentially important info:
As a result of Katrina, Saudi Arabia has finally admitted that it cannot increase production.He said it, I didn't.
Go ahead. Tell me we’ve all been wrong about Peak Oil, about climate collapse, and the metastatic corruption of our government and economic system. Now it’s an easy bet and one that we will not have to wait long to settle. I’ll take your wager.
posted by @whut at September 02, 2005
2 Comments:
This is not unsubstantiated info. The Saudis didn't increase their production. IEA had to release oil from the international reserve system. The production loss due Katrina is 1 million bpd. This is not met by increased production but from oil reserves.
There is practically no spare capacity anywhere. This doesn't mean that the Peak Oil has arrived, only that supply is very tight. Oil prices will be volatile. The production can be increased only by bringing enough new fields online to compensate depletion and give new capacity. But we know that there will be very few new projects after 2007. Because there are no spare capacity this means the arrival of the production decline. So it goes.
Unsubstantiated in that Ruppert did not provide any references or links.
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