Wayne.B wrote:
For anyone who really wants to know what is behind our high fuel
costs, here is an excellent and highly detailed piece of research that
points the way:

http://www.theoildrum.com/node/2470#more

From comments at the Wall Street Journal energy blog:
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If you have not gone to the oil drum and taken a look at the post
referenced, written by Stuart Staniford, by all means do so.
It is an extremely involved work of research, and indicates a growing
consensus among outsiders (non oil company and Aramco experts) that
Ghawar, the largest oilfield in the world is either peaked, or very
close to it. If one accepts the view of Stuart and others, after VERY
involved analysis on their part, we are seeing a drop in production
now, and one that will grow to critical levels within 7 to 10 years.
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No offense, but it's just another rationalization for "big oil"
producers and refiners to put the screws to us now and in the future.