Diamond Author
Did you know the Iraqi oil fields are far larger than the Saudi Arabia oil fields? And did you know that even at $50 per barrel the United States has a trade deficit with Saudi Arabia of around $180 billion per year? Now then, consider this; Saudi Arabia is one of the largest producers of oil in the world, and they are a member of OPEC. As the Iraqi oil fields come online, and as that infrastructure gets built and they are pumping many 100s of billions of barrels of oil, OPEC will not be able to continue to be the force it once was on the global oil market.
That's a good thing for the United States, and for the rest of the oil using world, including up-and-coming India and China. It very well may stabilize oil prices within five years, and for a decade after that, even with the incredible increase in demand world-wide. This is because it will take at least five years for them to get up to speed in Iraq, and because even though China and India are growing fast and will demand a lot more oil in the future, their goes growth rates will not, or most likely not, outpace the incoming oil reserves, coming online from around the world.
Consider if you will that once the BP oil spill gets cleaned up, that is a huge oil find off the Gulf coast. There are also large reserves off of the coast of Argentina, and Brazil. We also know there's quite a bit of oil in North Dakota, Alaska, and at the top of the world. I hate to blow everyone's peak oil theory out of the water, especially in light of this latest BP environmental challenge and oil leak, but it appears that we may have enough oil for quite a while, and that's a good thing. I hope you will please consider this.
About this Author
Lance Winslow is the Founder of the Online Think Tank, a diverse group of achievers, experts, innovators, entrepreneurs, thinkers, futurists, academics, dreamers, leaders, and general all around brilliant minds. Lance Winslow hopes you've enjoyed today's discussion and topic. http://www.WorldThinkTank.net. Have an important subject to discuss, contact Lance Winslow.
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