Oil fields are depleted?

The Moral Equivalanet of War blog has some interesting things to say about Peak Oil. Check out his recent posts from Sat Aug 5 and Thursday Aug 3.

It would be interesting how fast our world would change if it became public knowledge that the Saudi fields were depleted.

I’ve often thought it was strange that the Saudi’s keep saying they have excess capacity even when oil is around $70 a barrel. That’s billions of dollars they are just letting sit out there if they really do have excess capacity. Doesn’t seem right that anyone could pass up that kind of money.

FGLB

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One response to “Oil fields are depleted?

  1. Cheers for the plug!

    Part of the problem with the whole peak oil issue is that it’s a large game of liar’s poker. A nation’s true oil reserves are one of it’s most-guarded state secrets, so we have no idea if the numbers OPEC puts out for oil reserves are accurate or not. The last decent numbers we have on Saudi fields are from the early 70’s right before Aramco was nationalized. That means we’ve been forced to accept their word on things for the last three decades or so, even when they mysteriously doubled their proven reserves back in the 80’s along with most of the rest of OPEC.

    This lack of information is both a reason why it’s easy for pak oil to be naysayed and why determining when the actual ‘peak’ will be. We don’t have a whole lot of valid information to go on, so all we can do is look at the historical statistics once they are released and figure things out from there.

    Saudi Arabia may be holding back some oil production, but if that’s the case, it’s assuredly the ‘heavy, sour’ stuff that requires special refineries to churn out anything besides tar & asphalt.

    Regardless, the price of oil keeps on going up right now, and that’s with most of OPEC pumping oil for all they’re worth, and with a decided lack of bad weather in the Gulf of Mexico…

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