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Oil for the future

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  • William
    The Saudi oil minister came up through the ranks of the oil business. He knows his numbers and number of Bbls. What he said stunned me on a documentary last
    Message 1 of 1 , Oct 3, 2012
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      The Saudi oil minister came up through the ranks of the oil business. He knows his numbers and number of Bbls. What he said stunned me on a documentary last night .
      The program delt with two huge new oil fields being opned up in the kingdom. These fields are in the deep deseart and took huge investments to complete. Saudi borrowed no money to complete them,they took it out of savings and cash flow. No bonds,no defecit spending,cash flow and savings. They will come on line in two years and are game changers for the world.
      I am sure you know the theory of peak oil. It is when there is less oil to be had and we consistantly produce less. At that point oil prices go up and alternative energy sources become more economically feasable.
      When asked how these new fields affect the onset of peak oil the minister suggested it puts the date back FIFTY YEARS.
      He was then asked how much overhead it costs Saudi to produce a Bbl of crude. He said somewhere near Two dollars. The final shock came when he was asked about if he feared a US would turn to alternative fuel sorces and he replied that US is indeed their biggest customer. He then added they would block any attempts at serious alternative energy development by manipulation of crude prices and political pressures. He was remarkably candid and when asked if it was right to use such tactics he replied it was in Saudi national best interest and they were perfectly comfortable with such actions.
      They will support our Bakkan drilling and pipe lines, it will just extend peak oil and play into Saudi plans.
      As to global warming and environmental concerns he said they are doing advance studies on emissions control,believe him if you want.
      So some with great power have plans for the future that are radically different than what we expect. The ministers numbers seemed sound and his presentations of the new oil facilities were most impressive. While our leaders were talking their engineers were building. A future you may disagree with is being finished in the sands of a place very few will ever visit. It is time we factor in these stark facts as they are happening now . Bill
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