Wikileaks: U.S. believes Saudi Arabia is running out of oil

Wikileaks: U.S. believes Saudi Arabia is running out of oil

Peak oil, according to Wikipedia, is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. Opinions vary on when the world will actually reach a peak oil scenario, but a new report detailed by Julian Assanges infamous Wikileaks website indicates the United States believes its staring us right in the face - as early as 2012. Maybe thats what the Mayan calendar is on about? It may not exactly be the end of the world as we know it, but if the report is accurate, it could mean death to a number of popular vehicular segments; namely the gas-guzzling sport utility vehicle, heavy-duty pickup truck and possible even the mainstream performance car. Electric and hybrid Mustang and Camaro models might not look so bad in the very near future, eh? This revalatory report centers around a meeting between Sadad al-Husseini, a geologist and former head of exploration at Aramco (the state-owned national oil company of Saudi Arabia), and U.S. officials. Husseini, an expert on the subject, suggested that Saudi Arabia doesnt have as much oil left as the country wants us to believe and that it is unlikely to continue producing its current rate of 12.5 million barrels per day. None of this is to say that the world has run out of oil - far from it, in fact - but it does mean that Saudi Arabia, the largest country in the Middle East and the country thats thought by experts to hold about one-fifth of the worlds proven total petroleum reserves, wont be able to provide enough oil to keep the world operating as it does today. If nothing else, this report gives us reason to believe that oil prices wont stay nearly as low as they currently are, and that large-scale price increases could happen sooner rather than later. Thanks for the tip, Glenton! [Source: Yahoo News | Image: Marwan Naamani/AFP/Getty]Wikileaks: U.S. believes Saudi Arabia is running out of oil originally appeared on Autoblog on Wed, 09 Feb 2011 15:24:00 EST. Please see our terms for use of feeds.Read | Permalink | Email this | Comments