It looks like the soccer Mom's can keep buying hummers after all. Supposedly.

Saudi Arabia: We Could Increase Oil Reserves by 77 Percent in Just a Few Years

By Brian Carnell

Sunday, January 9, 2005

Just how much oil is there, and when will the world begin to run out of it (if ever)? Part of the problem answering that question is the amount of known oil in the world keeps increasing, especially in the face of market demand such as the recently relatively high prices for oil.

On December 26, for example, Saudi Arabian oil minister Ali Naimi claimed that his nation could come close to doubling its proven oil reserves over the next few years. Naimi issued a press releasing saying,


There are big chances to increase the kingdom's produceable oil reserves by 200 billion barrels. This will come either through new discoveries or through increasing production from known deposits.

Currently Saudi Arabia's proven oil reserves sits at 261 billion barrels. Naimi's comments came as the country opened new oil fields in eastern Saudi Arabia which Naimi says will allow Saudi Arabia to increase its daily oil production from 11 million barrels/day currently to 12.5 million barrels/day over the next few years.

Sources:

Kingdom Will Meet Oil Needs of Asian Economies: Naimi. ArabNews.Com, January 7, 2005.

Saudi Oil Reserves Could Increase by 77%. Associated Press, December 27, 2004.

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Enough about me, how are you doing?

That's a good thing to see. Though I wasn't around at the time, do you guys remember the "supposed" fuel shortage 30+- years ago? I remember as a kid (I'm 19 now) when fuel was around $1.00 a gallon. Oh the good old days. If gas went that cheap maybe I'd go back into looking for a 60's Chrysler Imperial...

Thanks
David

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2000 Honda Accord V6 137k miles

1972 300SEL 4.5 98k miles

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Don't believe everything the Saudi Gov't says. Matt Simmons is the head of an excellent boutique investment bank that does only energy deals. He's been calling BS on the Saudis, and freaking them out, for the last couple of years:

http://www.simmonsco-intl.com/files/Hudson%20Institute%20September.pdf

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81 300SD
08 MDX Tech
93 525i

05 F650GS