Jubak’s Journal: Where will oil come from?
description: The Saudis say oil production will rise to 12.5 million barrels a day by 2009, but that they don’t see any reason to invest billions to go beyond that, notes MSN Money’s Jim Jubak. Is it because the Saudis don’t want to increase production -- or can't? And why should we care?
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04/21/08
04/21/08
financial services
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investing
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Jim Jubak
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Where will oil come from?
Where will oil come from?
Comments
Saudis are not willing to invest more to meet 12.5 million more per day come 2030 forecast. First, the Saudis have learned a great lesson in the early 80's when they got burned on their Oil investments. I see a similar pattern with Russia following in the footstep of Saudi. Second, both Saudi and Russia wants the Oil production kept at these levels all the way to the future so as to percieved a shortage in the ever increasing world demand for Oil plus FEDS rate cuts.Thereby kept the price of Oil rising towards $180 even all the way to $200 plus. Thirdly, the biggest threat to Oil. Saudi and Russia are scared of the coming new EcoGreen friendly cars. Thereby cut oil demand, and lower oil prices. Their main objectives is to rake in those Oil revenues as much as they can. Cause they know Oil is in the Twilight of Days. ICE( Internal Combustion Engine) technology is more than 120 years old. Thanks to high Oil price it is paving the way for the Green Tech Cars to come into reality now. -
chuckmando
Only one thing need be said. Peak Oil. Look it up, see for yourself. -
BIGtargetDJ
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