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Originally posted by subz
Rebuttal of Hubbert's claims
Its come to my attention that this document strives to debunk the claims of Peak Oil. I admit im having a hard time with the way its written and interpreting it.
Any takers for rebutting the rebuttal?
Originally posted by Lordling
WASHINGTON, 29 April 2004 - Officials from Saudi Arabia's oil industry and the international petroleum organizations shocked a gathering of foreign policy experts in Washington yesterday with an announcement that the Kingdom's previous estimate of 261 billion barrels of recoverable petroleum has now more than tripled, to 1.2 trillion barrels.
Additionally, Saudi Arabia's key oil and finance ministers assured the audience - which included US Federal Reserve Chairman Alan Greenspan - that the Kingdom has the capability to quickly double its oil output and sustain such a production surge for as long as 50 years.
"Saudi Arabia now has 1.2 trillion barrels of estimated reserve. This estimate is very conservative. Our analysis gives us reason to be very optimistic. We are continuing to discover new resources, and we are using new technologies to extract even more oil from existing reserves," the minister said.
Naimi said Saudi Arabia is committed to sustaining the average price of $25 per barrel set by the Organization of the Petroleum Exporting Countries. He said prices should never increase to more than $28 or drop under $22.