Saudi Arabia Hit Peak Oil?
If you hadn’t already heard, the Wikileak du jour is that the US believes that Saudi Arabia has hit peak oil, or in other words, the maximum rate of oil extraction has been reached.
Not only has the peak been hit but the report suggests that the world will start to see a decline in oil production growth as early as 2012. This is due to the claim that Saudi Arabia has less oil beneath its sands than it has been making out. As a country that provides one fifth of the world’s oil this means, if true, the world will feel the pinch soon enough.
It’s important to note that this doesn’t mean that oil production will start to decline after reaching peak oil, only that it will no longer increase. That increase has generally been taken for granted as the global consumption has continued and continues to increase yearly. So if this leak is true, and the US is indeed correct, the world will still feel the pinch and oil prices would likely increase drastically simply because it can’t keep up with the general increasing demand.
Is this the right time to start investing in electric car companies like Tesla Motors? Only time will tell for sure.
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