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OPEC is planning to cut back on oil production, meaning the price of gas will continue to rise. One reason behind this move is that Saudi Arabia is in the same situation as Texas: they’re having trouble extracting the remaining oil from the ground. Oil expert Matthew Simmons says, “The easy oil era is over.

“The small number of great but old oil fields in Saudi Arabia that created ‘the miracle’ are now facing challenges…The entire world assumes Saudi Arabia can carry everyone’s energy needs on its back, but if this turns out not to work, there is no Plan B. And if conventional wisdom is wrong, the world faces a giant energy crisis.” Subscribers: Learn the truth about the upcoming oil crisis when Whitley interviews Matt Savinar on this week?s Dreamland!read more

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We recently reported that the University of Uppsala in Sweden warns that in ten years, oil supplies will drop to disastrously low levels. Now The Financial Times reports that Royal Dutch Shell says it has much lower reserves that it previously stated. On analyst calls this cut “staggering.”
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Every year the world uses four times as much oil as it finds. The major discoveries are in the past?the future depends on finding small deposits and finding new ways to exploit the old ones. When oil stocks get low, it takes almost as much energy to extract them from an oil well as the well produces. In the U.K., they’ve just found the biggest deposit in adecade?and it only contains enough oil to last the world 5 days.
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A team from the University of Uppsala in Sweden says we can stop worrying about greenhouse gases, because in ten years, oil supplies will at disastrously low levels. The world’s oil reserves are 80% less than was predicted earlier. Kjell Alekett says, “Non-fossil fuels must come in much stronger than it had been hoped.” Despite this, the government has just given a huge tax break to businesses that purchase the largest SUVs and trucks?is this because they know that soon, no one will be able to afford to buy enough gas to run them?
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