Good shpw, seems like the Sauds will have plenty of oil for awhile.

http://www.cbsnews.com/stories/2008/12/05/60minutes/main4650223.shtml

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Yup. I was impressed with all the computer monitoring they have at the featured new refinery. But the Saudis are also going solar. They don't want to be left in the dust when the world starts moving away from oil.

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2004 VW Jetta TDI (manual)

Past MB's: '96 E300D, '83 240D, '82 300D, '87 300D, '87 420SEL

Yeah, interesting. I knew the Aramco history, but had no idea Saudi Aramco was the richest company in the world.

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1984 300TD

Of course Saudi Arabia has a lot of oil, but when you do the math it doesn't look that great. For example, they talk about the new project coming online that has 18 billion barrels of oil. That works out to....211 days of world consumption.


And you believe anything that the Saudi's say? Didn't 14 of the 19 hijackers come from Saudi Arabia?

How about their state sponsored religion?

http://en.wikipedia.org/wiki/Wahhabi_Movement

Heres a great quote about it.

"A study by the NGO Freedom House found Wahhabi publications in a number of mosques in the United States preaching that Muslims should not only "always oppose" infidels "in every way," but "hate them for their religion ... for Allah's sake," that democracy "is responsible for all the horrible wars of the 20th century," and that Shia and other non-Wahhabi Muslims were infidels.

Heres a little eye-opener about OPEC reserves. In the mid-eighties, oil was really cheap. OPEC quotas were based on how much reserves the country had. If you had more reserves, you could pump more oil. Most OPEC countries wanted to pump more oil, so magically, all thier reserves suddenly got bigger.

http://en.wikipedia.org/wiki/Image:Opec-reservers.png

I wouldn't believe one thing any OPEC country says about reserves.

Saudi Arabia is the new Soviet union . . .

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" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

What I learned from that piece (watched it last night on DVR) was the Leslie Stahl is an absolute moron with self-serving questions and no knowledge of the subject on which she's reporting. A complete dumbass.

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- Brian


1989 500SEL Euro
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[QUOTE=Mistel;2043822]Of course Saudi Arabia has a lot of oil, but when you do the math it doesn't look that great. For example, they talk about the new project coming online that has 18 billion barrels of oil. That works out to....211 days of world consumption.


The truth is here is the kingdom with more than 260 billion barrels. And I firmly believe that the potential to add another 200 billion barrels of oil are there to be found," Al-Naimi said.


I don't believe anything most anyone has to say about oil, just thought it was interesting. 260 billion barrels is a whole lot more than 18.

Did you guys get the part about a barrel costing them 2 bucks or so?

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Enough about me, how are you doing?

Price for a scarce commodity is set by the consumer. There's a glut right now so prices are in free-fall. When the world economy turns-around we'll quickly go back to $100/bbl oil. May take a couple of years.

The USA (along with CA & Europe) is one of the few producers that publishes data concerning it's production and it's reserves. The data are subject to the usual scientific & technical peer reviews. And even those are educated estimates.

KSA along with most of the rest of the planet view petroleum reserves and production as a state secret. The state decides what to publish and what information to release. There is no peer review. So you have to ask, what is the best interest for KSA to publish, the scientific best estimate? Or could tehre be other motives?

No, they're far worse. They're the Soviet Union with money.

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Jonathan

2011 Mazda2
2000 E320 4Matic Wagon
1994 C280 (retired)

That show is so edited as to present one side....

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2012 SLK 350
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You're right. Also, their "army" is practically invisible and they follow NO rules of engagement other than kill all the infidels you can.

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" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Just to be clear, in the first part of the show, they talked about a new oilfield they were about to bring on-line. The new oil field they say has 18 billion barrels of oil. That new field would be equal to 211 days of world comsumption. What happens is they throw out huge numbers like 18 billion barrels and people think that is a huge amount of oil, but when you realize that the world uses 80 million barrles A DAY, you can see it is not that much oil.

I would imagine that OPEC wants the best of both worlds. They want the world to think there is lots of oil left, so the we won't change to other sources, but the want to ration it out to everyone to keep the price high.