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  Was 'Peak Oil' a Multi-Billion Dollar Hoax?

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Was 'Peak Oil' a Multi-Billion Dollar Hoax?
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October 20, 2008
Jack Walker
...Here is what Abdallah S. Jum’ah, Saudi Aramco’s president and CEO, during his address at the 11th Congress of the World’s Energy Council in Rome last November, as the price of oil was accelerating:

"We have grossly underestimated mankind’s ability to find new reserves of petroleum, as well as our capacity to raise recovery rates and tap fields once thought inaccessible or impossible to produce....we still have almost a century’s worth of oil under the conservative scenario…and nearly 200 years’ worth under the target scenario. As a result I do not believe the world has to worry about ‘peak oil’ for a very long time."

Apparently nobody was listening to the Saudis, as everybody was focused on making the case for peak oil production as a justification for higher prices.
Posted on: Oct. 24, 2008 4:26pm,UTC
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