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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.

"The Saudi Government's theory was based upon their belief that Saudi Arabia has undiscovered reserves double that of what is known now."

I like that one.. Estimates that say how much someone has of something, that they haven't found yet..

This is from the EIA's website..

http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html

In any event, the world production peak for conventionally reservoired crude is unlikely to be "right around the corner" as so many other estimators have been predicting. Our analysis shows that it will be closer to the middle of the 21st century than to its beginning.

Closer to 2050 than 2000? If we had government data that says global warming was going to make the planet uninhabitable in 40 years, would we care? If Islamists say they plan to take over the world in 40 years, would we try to stop them?

And yet the 'conservative' view on oil is that technology will save us and prove those 'moonbats' wrong..

Well..., no "peak-oil" problem, it seems...
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This is no different from global warming, population bombs, or any other alarmist garbage.
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"Peak food" was debunked hundreds of years ago, some people never learn.
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the same people who are in a panic about "peak oil" are also in a panic about "global warming"

Amazing.

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.

That's all well and good, but, the 'peak oil' crowd says it is going to be harder to get at and cost more.

And I say: "So bill me."