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Will the Saudis and others run dry - is the only the question of when

Sat Jun 21, 2008 10:06PM | By Tony

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Nothing lasts forever but the earth and sun ... and oil is certainly not. Looks to many that Saudi Arabia is running out of oil. Saudis won't let independent geologists to assess their oil fields. Why? The answer is obvious - they are hiding the fact that oil is getting short. As a matter of fact, every major oil producer is getting to a point of no return when it comes to oil reserves. Simply put, times of easy oil are quickly becoming a thing of the past. To get oil, you now have to go deep down.

In Mexico, output from its major fields is dwindling fast, according to official figures from the state-owned oil giant Petroleos Mexicanos known as Pemex. The country's known oil reserves will run out in 9 years, the government says.

In Russia in April of 2008, production fell for the 4th consecutive month and was over 2% below the peak of 9.9 million barrels a day reached in October of 2007.

Norway, which once ranked 3rd among oil exporters, has slipped to a 5th place and has seen its production dwindle to 2.2 million barrels a day, and the reserves are dwindling fast - "Production will continue well after 2050, but the amount will be much less," Petroleum Directorate spokeswoman Eldbjoerg Vaage said, adding that the estimate included as yet undiscovered reserves, mainly in the Barents Sea far north of Stavanger, and did not distinguish between oil and gas.

We can go on but the oil prices and price at the pump will grow much higher.

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