The Resilient World

The issue is taken seriously by the the US Department of State, according to leaked cables on WikiLeaks, as reported by the Manchester (UK) Guardian.

If this moves the anticipated peak of oil production forward from 2020 to 2012, it is reasonable to result in further upward pressure on oil prices sooner rather than later. This on top of the ongoing economic repercussions will put a serious squeeze on transportation-dependent communities in particular, especially US bedroom communities. If there's a silver lining, it is that there will be pressure to develop energy-efficient transportation options including mass transit. Beyond that, those communities that are the most resilient over the long term should energy prices escalate significantly will be those that are the most self-contained in terms of production of essentials. Being a locavore may be expensive now, but rising energy costs can be expected to level the field.

 

Amplify’d from www.guardian.co.uk

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.

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%.

Jeremy Leggett, convenor of the UK Industry Taskforce on Peak Oil and Energy Security, said: "We are asleep at the wheel here: choosing to ignore a threat to the global economy that is quite as bad as the credit crunch, quite possibly worse." Read more at www.guardian.co.uk