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View Diary: Cheney's Middle East Trip and the Iraq Oil Law (Update) (187 comments)

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  •  Good analysis (4+ / 0-)
    Recommended by:
    PLS, Sharon in MD, LithiumCola, Jbeaudill

    b, ut you should factor in a large sense of urgency.  If you have been following The Oil Drum or other sites, a majority of the analysts think Saudi production has peaked. As a matter of fact their production has declined for the last 1 1/2 years.  It's passed 8.5 mbpd and is still heading south.  Now the Saudis themselves and plenty of the defenders of the status quo say they have plenty left; that they can run up the oil to 11.5 mbpd any time they want.

    But if they can't, if Ghawar has peaked, then a world of shit is headed our way in the very near future.  And the Bushies need a gigantic pot of cheap oil to weather this storm.

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