April 22: Earth Day or Peak Oil Day?
April 22, 2005 5:34 PM Subscribe
Today the Saudi Oil Minister announced that they are setting aside OPEC production quotas. Is the end for OPEC? More importantly, when the Texas Railroad Commission did the same thing in 1971, it signaled the peaking of US oil production. Oil prices keep rising, and the Main Stream Media blames it on tight refinery capacity. But simple economics tells us that this should actually cause crude prices to drop. So what is happening? Is this the peak of global oil production? President Bush is concerned, and he is hosting Crown Prince Abdullah at the Crawford Ranch this week. Leading Oil & Gas investment banker Matt Simmons thinks that the peak is upon us, and even the Saudi Oil Minister admits that they probably won’t find any more light, sweet crude…
This thread has been archived and is closed to new comments