Interesting. According to Wikileaks, SA has about 40% less oil reserves then they are reporting.
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Peak oil baby
Link to story: http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overs…
Time to go long oil, and go long chesapeake for the nat gas play.
Gonna buy dem oil etf calls. Any suggestions?
Here's my play: http://www.google.com/finance?q=AMEX:BQI
Any thoughts on what comes next?
US diplomat convinced that Saudi Arabia's reserves may have been overstated by 40%"
That's Mr.Foreign Service's opinion. Which makes it 10 times LESS credible. I think the reserve estimates are roughly accurate. That's also according to a bunch of people I know who work in the oil&gas sector (cousin is the Principal RE at a big oil company's Asia ops, 2 of the most senior executives were best friends with gramps in college and are close family friends, and a whole bunch of others).
The general consensus is that Saudi Arabia has reached its peak, but the remaining supply is enough for the next 80 to 100 years as long as the production numbers stay below 15 mbd.
Some PEs I met (non-saudi and saudi) still believe Saudi Arabia hasn't reached its peak yet but is pretty close (within the next 10 - 20 years).
So many expert opinions!
Even then, I think it's smart if you went long on oil and oil etf calls.
Khallas, I'm going in.
You guys really need to read T. Boone Pickens' book. Dude is an absolute genius and deals with this issue, and ones like it, in great depth.
The Oil ETF (USO) closed January 27th at $35.94 and hit $39.01 on January 31st. That's over an 8% move in 4 days.
Yeah T. Boone is the man and it looks like peak oil is definitely on the way soon. I still love RIG as another play.
The big long ?
Who told you my High School nickname?
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