Oh Snap! And just like that, the Peak Oil debate comes roaring back to life.. Excerpts:
The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.
The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.
..
According to the cables, which date between 2007-09, Husseini said Saudi Arabia might reach an output of 12m barrels a day in 10 years but before then – possibly as early as 2012 – global oil production would have hit its highest point. This crunch point is known as "peak oil".
Thanks to WikiLeaks, Peak Oil visibility should skyrocket within the next month or so, lead first by the "I told you so" crowd.. And this time, they're not going to let the issue drop.
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