[NYorkerInHouston]

First I have heard of this. It's not Ghawar but as the second largest oil field in the world, it's close. So much for the it can't happen in the middle east crowd. Anyway with luck it will still be several more years before Saudi Arabia needs to make a similar announcement.

[bert]

The field has been running out of oil since the first drop was pumped.

[Netheron]

U235

Pu239

That's all the oil we'll ever need.

[Tolerance Sucks Rocks]

So, will this oil field be truly exhausted at the end of forty years, or will there still be 3/4 of its total oil waiting for better extraction techniques to come along?

[meatloaf]

Syncrude's production is up to about 250,000 bbl/day from the oil sands. Apparently Canada's currently known reserves are about two-thirds that of the Saudis'. Companies working the oil sands are expanding like crazy. With production costs around $18 per bbl, it's easy to see why. From what I've read most of that production is destined for the US.

The best thing that could happen is for the Middle East to run out of oil. Terrorists would have to hang out on street corners with tin cups and beg.

[Hank Rearden]

This is going to devastate the resale value of solid-gold Rolls Royces.

[kanawa]

A little good news..

Canada's third ocean oil rig starts pumping

Hibernia partners find new oil, mum on reserves