Ghawar, Going, Gone...
May 15, 2007 7:53 AM Subscribe
Heard enough about Pain at the Pump? The 24-hour news love to cover the "unreasonable" record gasoline prices, but the real issue is crude oil supply--and this latest installment of Stuart Staniford's highly detailed analysis of the world's largest oil field, Ghawar in Saudi Arabia, provides new evidence of sharply declining production. Can Saudi Arabia really increase supply to meet world demand that is surging on growth in India and China? Signs point to no--in the past week they have again voted to maintain OPEC's "voluntary" production cuts, and their petroleum minister commented that there may not be a "need" to increase Saudi production much further.
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