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Posts: 7788
Apr 20 08 6:44 PM
Board Moderator
Wow! Let's review whats transpired in the last week: Last Monday Saudi Arabia announced they were cutting output from 9.2 to 9 million bls a day. King Abdullah said they were gonna start saving oil for future generations. Their Oil Minister Nami has said they won't be increasing capacity past their current projects. The Russians formerly announced they are tapped out too. So this is it. The gig is up. The great oil game party is over. The end of growth. It doesnt really matter if its the actual geologic peak or not. The Saudis, Russians and all the other big dogs know the power has shifted from us lowly oil consumers to the producers. They are in the drivers seat now. Our new position is on a rope getting dragged behind the tanker truck or if we are smart-on a bicycle. Maybe China will ship us some of theirs.
Our pending energy supply contraction= no economic growth= insufficient debt service= chaos + oilwars.
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