Thursday, January 17, 2008

george was that comment cleared?

I just had to take a moment and share. In a recent interview with ABC News, George W. Bush was asked about getting tougher with Saudi Arabia about the high price of oil. Our President said the following,

If they don't have a lot of additional oil to put on the market, it is hard to ask somebody to do something they may not be able to do.

Perhaps my added emphasis will help you understand the magnitude of this statement. The sitting president of the United States of America, who recently admitted, "America is addicted to oil," made a comment, after meeting with King Abdullha, that Saudi Arabia might not be able to raise oil production. Of course there are people, knowledge people who have been saying this for at least a few years, but here is our president saying it in an interview with a major news network. This must have thrown his handlers into an uproar. No doubt this points to an exciting year, because in terms of oil production as Saudi Arabia goes, so goes the world.

You can watch the interview for yourself.

If you don't believe the president or if perhaps you still think peak oil is a few decades or even just a few years away, I suggest this informative PDF from Matt Simmons, energy investment banker, which concisely presents the realization that global conventional oil production peaked in May of 2005.

Best Wishes,


More on the Bush interview from Gail the Actuary at TOD and thanks to Sharon.


riverbird said...

Sadly, when Bush and Saud's get together to talk oil, they do know what they're doing, and they're going to play out this 'peak-oil thing' for all it's worth. so reral shortage or not, they will let it appear ass such and we'll be in the 'moment' for as long as they can pull it off. my guess is that we are not at peak yet, they only make appear as such because they see $$$$$$$$$$ as far as the eye can see. sadly . . . .

nulinegvgv said...

I trust Matt Simmons and his evaluation of the Saudi fields. He points out that his book, "Twilight in the Desert," raises more questions than it answers. His main point though is that Saudi Arabia has peaked in oil production.

They *will* make money of the back side of Hubbert's Curve; lots of it. That I do not question.