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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%.
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According to the cables, which date between 2007-09, Husseini said Saudi Arabia might reach an output of 12m barrels a day in 10 years but before then – possibly as early as 2012 – global oil production would have hit its highest point. This crunch point is known as "peak oil".
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As less and less oil gets pumped out of the ground, the higher the price-per-gallon will be. If the automakers want to keep selling cars, they'll come up with a replacement for the internal combustion engine before people can't afford to buy gas. Like I always say, if you want people to change, hit 'em in the wallet.
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