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- #61
A Saudi Oil Minister gave an interview on NPR this morning. As you all may know, A crown prince will meet with President Bush this week at his ranch in Crawford. The president is expected to ask the Saudis to increase their production of oil.
The Saudi Oil Minister said that this was impossible. Saudi Arabia could not produce any more oil (implying that they are Peaked). He then went on to say that the Saudis understand the problems this will cause and that it will probably precipitate "Oil Wars" in every sense of the word because there is no other option for energy right now.
Economists are predicting that this summer the price of oil will rise over 70 dollars a barrel this summer. We can expect the price of a gallon of gas to rise over $3.00 a gallon. This rise will be permanent and it will only increase further. I expect that we will be seeing some fancy multiton lawn ornaments this summer with for sale signs on them...
The Saudi Oil Minister said that this was impossible. Saudi Arabia could not produce any more oil (implying that they are Peaked). He then went on to say that the Saudis understand the problems this will cause and that it will probably precipitate "Oil Wars" in every sense of the word because there is no other option for energy right now.
Economists are predicting that this summer the price of oil will rise over 70 dollars a barrel this summer. We can expect the price of a gallon of gas to rise over $3.00 a gallon. This rise will be permanent and it will only increase further. I expect that we will be seeing some fancy multiton lawn ornaments this summer with for sale signs on them...