The Only Time You'll See an Article Here About WikiLeaks: The Saudis are Running Out of Oil?

From Yahoo News. I think Julian Assange's outfit is being funded by George Soros, so I tend to ignore the sometimes-year-old information. Besides, this has already come out on the money channels (Bloomberg and CNBC), so it isn't exactly earth-shattering.

This is how it DOESN'T affect you: for every so-called "reserve depletion", there are hundreds of new discoveries being made every day, and we STILL have countless tankers full of oil cruising around the planet looking for a home. To make matters better or worse (depending on which side you take), a pipeline is being constructed from Canada to Oklahoma, so we can get the last 5% of our oil demand away from the Saudis and in our own continent. The rest of our oil already comes from Canada, Mexico, and Alaska. Add to that all the ethanol we're watering it down with--some two Iowas worth of corn! (heard on Bloomberg just yesterday)

Now for the un-earth-shattering year-old news from WikiLeaks:

"The cables detail a meeting between a U.S. diplomat and Sadad al-Husseini, a geologist and former head of exploration for Saudi oil monopoly Aramco, in November 2007. Husseini told the American official that the Saudis are unlikely to keep to their target oil output of 12.5 million barrels per day output in order to keep prices stable. Husseini also indicated that Saudi producers are likely to hit "peak oil" -- the point at which global output hit its high mark -- as early as 2012. That means, in essence, that it will be all downhill from there for the enormous Saudi oil industry.

"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," one of the cables reads."

On the heels of that story comes this: New Drilling Methods Open Up Vast Areas of the U.S. (Yahoo News this morning). So tell ME we're running out of oil--if anything, this news should start to send Wall St. speculators running away from oil!

Saudi Arabia (and the whole Middle East for that matter) is swiftly becoming irrelevant in the scheme of energy-related things. The North Pole is where it's at now--oil, precious metals, precious stones, and god knows what awaits under the South Pole!