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Wikileaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices.
February 8, 2011 Oil, Top Ten Signposts to Energy Crisis
A US diplomat is convinced by ex Saudi oilman Sadad al-Husseini that (potential) reserves have been overstated by nearly 40%, and that the world’s number one producer is “running to stand still” as a result of operational challenges. “Jeremy Leggett, convenor of the UK Industry Taskforce on Peak Oil and Energy Security, said: “We are asleep at the wheel here: choosing to ignore a threat to the global economy that is quite as bad as the credit crunch, quite possibly worse.”
Comments
One Comment on Wikileaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices.
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Michael Hayes on
Thu, 27th Oct 2011 4:45 pm
You’d think it be obvious that oil reserves are going to start running out sooner or later, and that it’s human nature for those who work in the industry to be in denial about it until the last moment.
The government can’t afford to wait until the Saudis, and other suppliers, are officially in crisis, they need to act now to reduce our reliance on oil.
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