RSSWikiLeaks: Saudi Oil Reserves Overstated by Nearly 40% … Where is American Energy Independence?
According to a confidential cable made public by WikiLeaks, a senior Saudi government oil executive warned that Saudi crude oil reserves may have been overstated by as much as 40%. That translates to 300 billion barrels. YIKES! Could some one please explain after 30+ years since the oil embargoes of the 1970′s … how does the United Stated not have a comprehensive energy plan that includes oil exploration in the US, nuclear, clean coal, etc that would make of independent of foreign oil? We can also research “green” methods but that is way down the road. We fought a war of Independence in 1776, why are we not fighting a war for energy independence in the 21st century?
The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.
The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.
The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their Opec cartel partners would pump more oil if rising prices threatened to choke off demand.
More from the UK Guardian:
One cable said: “According to al-Husseini, the crux of the issue is twofold. First, it is possible that Saudi reserves are not as bountiful as sometimes described, and the timeline for their production not as unrestrained as Aramco and energy optimists would like to portray.”
It went on: “In a presentation, Abdallah al-Saif, current Aramco senior vice-president for exploration, reported that Aramco has 716bn barrels of total reserves, of which 51% are recoverable, and that in 20 years Aramco will have 900bn barrels of reserves.
As Mother Jones asks, has Saudi oil already peaked? An even better question is why the United States has not more weened itself from foreign oil, especially in the Middle East, and end the dependence. Oil does not just affect energy in the US, it has a tremendous effect on the economy and national security. THE US IS NOT ENERGY INDEPENDENT WHY?
Posted February 9, 2011 by Scared Monkeys Energy, Middle East, Oil, Saudi Arabia, World | 10 comments |
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10 Responses to “WikiLeaks: Saudi Oil Reserves Overstated by Nearly 40% … Where is American Energy Independence?”
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or increase fuel efficiency….
stop wasting the stuff!!
Bring on the civil war !!!
DOE Sleeps while Seeps in the Deep allow
Creeps to Reap Heaps to Keep as we Weep!
The DOE (Department of Energy) was created to
lessen America’s dependence on foreign oil.
Example of a totally useless government entity!
I believe our ability to answer these questions on our energy situation would have benefited from knowning about the Bush (Cheney) Energy Task Force.
We also could have paid better attention to sound advice when it was given. It’s interesting how well much of the picture painted in this speech describes today. Too bad his successor used cheap political stunts to ridicule a sound approach to our energy future.
Great opening paragraph RightNight
The DOE is run by a bunch of lawyers who would rather play legal games so they don’t have to show their ignorance about energy. I have seen this up close and personal.
#4, Too bad our current pres. has banned offshore drilling. Why would he do that? Sounds like he has the big picture and it doesn’t include the US best interest.
@6
maybe the ppl on the gulf coast can tell you that.
There is not a chance that the US will ever mine/ drill enough resources to get energy independence.
________________
SM: Its not a matter of total independence, the pointy is to make it as low as humanly possible. You cannot even begin to say that it will not benefit the US. More nuclear and oil drilling … of course the US would benefit on all levels. The fact that we punt our energy resouces to other countries when we have our own resources as appauling,
R
6,
The big picture for energy independence is to get America off of oil as much as possible. Whether it is domestic or foreign oil, the resource is limited, and we need to find alternatives. This is especially true for developing renewable or sustainable alternatives.
As a side effect; even if we decide not to use these new energy technologies, the world (as a market) will be a huge customer base for such products. Building a new domestic energy industry would be a great job creation engine, with a very long life span (forever). For that reason alone, America should invest, develop, and lead the world in new energy technology; and ignore any divisive global warming issue discussions.
Regarding banning oil drilling, this describes not opening up new areas to drilling, while continuing drilling in certain areas. Interestingly, it mentions a 2006 law that banned “Drilling off Florida’s Gulf coast at least until 2022″. This law was either signed by Pres Bush, or had his veto overridden (which seems very unlikely). That fact really surprised me!
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SM: Please do not start with the green garbage. There are a ton of resources that this country is unwilling to use. Its llike having $10 million in the bank and someone saying they need to borrow money from a friend for a burger. Yes, its a Wimpie reference.
I do not care who signed what, where and why. This is not a political argument, it is one of national security and the US economy. I am sick of the phony docs signed by both the GOP and Obama that claim to be either opening up areas or closong them.
It is pathetic that after 30+ years that thsi country has no real energy policy and no, GREEN BS is not the answer. I have no problem with adding such things at one point and supplementing our enery with it, not now. We need to drill, we need gas and coal and we need nuclear. The days of being “over a barrel” to OPEC have to end.
We can put a man on the moon but we cant use our own resources for energy consumption. Its nothing more than political. Those days have to end now. There are so many resources, energy should never be an issue.
We should be willing to look into all avenues on a short term, medium and long term plan. PERIOD!
R
In addressing the prior comment(6), specifically offshore drilling, I provided evidence that countered the claim being made, adding that Bush had a hand in the current situation. It couldn’t care less what you think of my comment, as I was talking to someone else. They introduced politics; I just clarified the reality of those politics.
Your quotes:
– We can also research “green” methods but that is way down the road.
– Please do not start with the green garbage.
Sounds like you need to sit down and have a talk with yourself, to figure out what you are trying to convey.
BTW, in my reply to comment 6, I was talking energy independence, and the big picture beyond simply oil, as was mentioned. I never spoke of ‘green’, but of how there are jobs in developing new energy technologies. Killing two birds with one stone, as it were. I think it kinda matches your comment: “We should be willing to look into all avenues on a short term, medium and long term plan.”
Honestly, I actually believe we are aligned in the need for an energy policy, although we may focus on different solution approaches.
well at least you don’t have Russia meddling.