Are We Headed For Massive Oil Price Spikes? Leaked Cables Claim Saudi Oil Reserves Grossly Overstated

By Jeremy Leggett, The Guardian
Posted on February 10, 2011, Printed on February 19, 2011
http://www.alternet.org/story/149876/

John Vidal's report on US diplomatic cables from Saudi Arabia raises the spectre of premature peak oil: an unexpected deline in global oil production in an oil-dependent world. The US government is among many administrations that routinely reassure the public that supplies of oil can go on growing far into the future. But in private, top diplomats have been telling Washington that they hold deep concerns about supplies from the world's number one supplier. This is an issue that has far-reaching consequences for an oil-importing nation like the UK, and for the global economy.