[dwntmpo]

I know I allways feel better when Saudi Arabia says everything's gonna be fine..

The remaining 4.7 trillion barrels should be enough to last more than 140 years at current output rates, he said.

Interesting that no one questions the use of "current output rates" in the equation.. I suppose if demand and production remain constant, the peak wouldn't be for another 70 years.. too bad growth curves don't work like that..

[WildWeasel]

About a year ago, the Saudi's proclaimed their reserves alone are more than the world will ever need. They stated new technology will evenutually render oil obsolete as a source of fuel long before their reserves are depleated. I thought it was a bold statement by a nation whos best interest is served by making everyone believe oil is going to run out in the near future.

The Saudi Government's theory was based upon their belief that Saudi Arabia has undiscovered reserves double that of what is known now. They believed that deeper sources of oil and the use of new technology would allow them to extract these deeper reserves.