I love the way the original post talks about Venizuala miss managing oil production.

WTF about USA not selling its own oil to its own people. At least Chavez has the balls to give the US the finger. If you want to look at the mismangement of oil production look no further than US energy Policy and its protocol of purchasing from other countries resources through infrastructure loans through large Corporations.

Please your Source for this post is so one sidedly bias.

Originally posted by Anonymous ATS
For perspective, the Saudis have 260 billion barrels of proven reserves.

And since 'proven reserves' is the figure that almost no serious analyst will dispute it's what most countries use to hide the scale of whatever reserves they might consider a strategic asset and thus not disclose.

This is a lie due to the fact that they list the same amount of reserves
year after year, and they have not had any major recent finds.

In fact Saudi Arabia now claims reserves of more than a trillion barrels and i have no reason to believe that it isn't there. If you can propose some reasoning as to why i should doubt the Saudi government feel free.

Back in the 60's they went through Saudi Arabia and did Seismic
operations to detect all the oil underground.

Nonsense. Do you think us complete fools?

Sound travels at different speeds through oil, and it visible on the
high resolution displays they use.

So you are now telling us that oil exploration results in so many dry holes because they know exactly where all the oil is and how to get to it? Feel free to explain how that works.

In 1970 the US peaked at around 10 million barrels a day, and since
then it has fallen to about 5 million barrels a day.

The US produced less and less oil past the 70's but since that was by no means a natural peak, arguments can be made that it wasn't economic at the time to exploit deeper reserves, you are free to just keep claiming that peak in production in fact means a peak in available resources.

57 countries world wide are past peak.

List them please along with their peak years as well as solid evidence that no more oil has been found or will be found with sufficient investment.

The only new find of any size was the Northern Arctic one that is being fought over by Russia, Denmark, Norway, Canada and the US.

Laughable claims at best considering how well reserves keeps growing year on year. Please explain to us why oil is about the run out after just a hundred years of use while Coal shows no sign of running out after a few hundred and steel are still mined by the millions of tons four thousand year after it first came in vogue. How can you believe in peak oil yesterday or tomorrow?

Go to google video and watch "Crude Awakening" - life after the oil crash,it is about 82 min.

More pointless propaganda that not only doesn't offer any viable solutions but goes nearly berserk trying to come up with the worse imaginable consequences of a restricted oil supply.

The Great Depression had plenty of oil supply, keep that in mind.

And the great depression had nothing to do with oil and everything to do with banks withdrawing money from the Us economy. Sure we might see more of those in the future but i wont be fooled and neither should you.

China and India are coming online as the new oil consumers,
demand is going up while supply is going down.

Supply is easily keeping pace with demand despite wars of aggression ( by the US national security state) against oil producing nations and staged disruptions of oil production in other regions. The fact is that every time world oil producers increase their supply at some cost to themselves ( prices will drop if the market becomes flooded so it's in no oil producers interest to do so) something strange happens to one oil producer or another. I am confident that the nations in question have gotten the message and that they are quite happy just raking in the profits instead of pointlessly risking their economies by introducing more to the markets than agreements allow them.

In a truly free world market oil producers would slump back to the 10- 30 USD range within months.

At some point companies like Coskata & Valcent can start scaling up
their bio fuels, but for now we are in for a bumpy ride for awhile.

Bio fuels is yet another deliberate effort to create shortages in the commodity markets; if they can't get to you trough high fuel prices they will use that as excuse to turn your formerly cheap food into expensive fuel.

Stellar

Put on your go back hat and remember when oil had no use when first found. Now they fill there coffers by destroying countries and killing people for it.

Lindsey Williams involved with Exxon said it, the former head of shell oil John Hofmeister said it, there is no peak oil. There is oil to be had and peak oil is not true.

John Hofmeister, former head of shell oil quote "we have not achieve peak oil yet" from the Glenn Beck show august 8, 08.

I think so too. In this sad state of economy it will finally go way back down because the people investing in it to hedge against the falling stock market will finally realize that the small people have cut way back on using it, making it very over abundant and worth much less.

Now gold...Well just wait and see!

Indeed it has, and price trends continue to fall. Gas here in Eastern Iowa has dropped to $2.73, with the cheapest being $2.69.

Lets not get too overjoyed with lower oil prices just yet! As soon as the speculators have covered their bases in the markets and some stability returns ( right now you can make money far faster and with less overhead in the market in general ) they might return in force to drive up oil prices. At the current rate there isn't all that much they can do to shore up prices as all reserves are basically filled to capacity ( private and industrial ) with supply now being met by even greater margins than it used to.

If the financial volatility continues they are probably going to need another war or serious crisis to get sufficient oil off the market to create renewed artificial fears of shortages.

Either way those who aren't having financial difficulties don't much care about the energy prices and the one's that do have stopped going on vacation some time ago...

Stellar

seeing what has been in the news lately, we need to find anyway to drive those prices down. If we are so out to get iran.. then why the hell don't we floor the market by any means available? if the stuff slides $20 cheaper the very countries we're so "against" would be pulled into deficit territory.

Anyways, just wanted to get that out. If you don't want Iran to have a nuke, then stop paying the bastards. And we should enjoy this while it lasts, we got a little break.