Glen48
Money can't buy Poverty
- Joined
- 4 September 2008
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Comments please:
IF this is true it make our Oil and gas look good as well as LNC shares????
A lot was deleted due to the amount of text.
Saudi Arabians, you've gotta love 'em. First, 15 out of 19 hijackers on Sept. 11 were Saudis, but Saudi Arabia had NOTHING to do with it, or so we're told. They love us!
Now Saudi Arabia is about to drop another bombshell on us, and this one will make Sept. 11 look like small potatoes.
Sept. 11 shut the markets down for a few days. When the next crisis hits, you'll wish the markets would shut down so you wouldn't have to watch the carnage.
if some well-informed experts are right, Saudi Arabia's oil reserves are a fraction of what they've been telling us.
Why does it matter? Because everyone has believed for decades that Saudi Arabia's oil supply is virtually unlimited. That's what the Saudis have said over and over again for more than 30 years.
If an oil shortage threatens to cause a recession or a market crash, we can count on the Saudis to come through. So people think.
But in a private briefing, one of America's top oil experts told President George Bush exactly what I'm telling you. In fact, this same man was a consultant to the secretive task force that drew up Vice President Dick Cheney's energy plan in 2001.
In other words, the guy is a heavy hitter who knows the energy business.
He warned Bush that the Saudis don't have anything near the oil reserves they claim. They already pump less oil than most "experts" think, and here's the real kicker...
Saudi oil production is about to drop sharply. And it will keep going down for good.
Other experts have analyzed the numbers and come to the same conclusions. If the charges are true ”” and I believe they are ”” we could be facing...
They say the Saudis could quickly double their oil production from the current level if they wanted to. And given a few years, they think the Saudis could produce four times as much oil as they do now.
Iintelligence agencies and the conventional "experts" are dead wrong. The oil isn't there.
Why should you pay attention to what I think? Let me give you a good reason, and then you decide. My name is Byron King, and I'm the co-editor of Outstanding Investments.
Why 2007 was a year of crisis
The oil and gas shortages we've seen lately are nothing compared with what's on the way.
When the truth comes out, it will send shock waves through the world economy. Everyone will find out too late ”” when gasoline soars to $5 or $6 or more per gallon. I'm writing today to give you a heads-up.
The next few pages show you how to protect yourself and get rich off energy sources and technologies the world will scramble to buy at any price.
Don't be surprised if certain commodities and resource stocks soar three, five or even 10 times over.
The coal revolution is here. It's always been cheap and plentiful. Now it's going to be clean, and soon it will even be liquid. It's also going to cause a massive shift in world power. Two American companies will profit big time.
Americans used to run Aramco, the huge oil company that manages the Saudi fields. But in 1979, the Saudis booted us out and took over.
no one knows for sure how much oil they've got in the ground, or how much they produce each year or how much they could produce if they wanted to push it to the max.
It's all secret. Experts try to figure out how much oil the Saudis sell by monitoring tanker traffic in and out of the world's ports. That's how little we know for sure.
.
Their figures for proven reserves kept going up and up and up ”” even though they didn't find any major new oil fields!
In 1979, the Saudis adjusted proven reserves upward by 50 billion barrels. Then eight years after that, their proven reserves magically grew by another 100 billion barrels.
Their estimated reserves increased by 150% in nine years ”” to a total of 260 billion barrels. And they didn't find a single major new oil field!
And here's the funniest thing of all...
For the last 17 years, they've claimed they own 260 billion barrels of proven oil in the ground. The figure never goes down, even though they pumped out 46 billion barrels during that period.
Let me see...260 minus 46 equals 260. Saudi math!
Based on these bogus figures, the Saudis claim they can produce as much oil as the world wants for the next 50 years. As recently as 2004, they claimed their reserve estimates are actually conservative.
That's why most of the world's governments and intelligence services believe the Saudis could pump 20 million barrels of oil a day if they wanted to. Trouble is, we've got no proof except their say-so.
If it were true, we wouldn't have a thing to worry about. But it's not.
It's horse hockey
Before Aramco's American owners were shown the door in 1979, they told Congress that Saudi Arabia had proven reserves of 110 billion barrels. There have been no major new discoveries, so 110 billion barrels was probably about right. And since then, about half of that has been used up.
So why do the Saudis insist everything is just fine and they have 260 billion barrels of reserves?
One reason is they wanted to discourage non-OPEC nations from looking for more oil or switching to alternatives.
It was a devious plan, and it worked perfectly.
But that wasn't the only reason the Saudis lied about their reserves. They did it because everyone does it! Everyone in OPEC, that is.
The Biggest Lie of All: OPEC's Imaginary Oil
In the 1980s, OPEC's claim of total reserves magically leaped from 353 to 643 billion barrels without a single major discovery. Industry experts call it the quota war.
You see, OPEC had to limit how much oil each member could sell, because prices were too low. The quotas were based on... each member's oil reserves!
That's right: The amount of oil OPEC would let a member pump depended on how much that member had in the ground. So it paid for OPEC members to claim the biggest reserves they could. And that's what they did.
The Saudis alone jacked up their estimate by about 100 billion. Kuwait added 50% to its reserves in one year, 1985. Venezuela doubled its reserves in 1987. Iraq and Iran doubled their estimates, too.
What's more, OPEC members did like the Saudis and kept their reserve estimates the same year after year, as if no oil were being pumped out and sold.
Everyone claimed to have a bottomless well.
Now, if you're like me, you prefer to base your financial decisions on the real world, not on a fantasy.
Let's look at how much oil there really is...
In the 1970s, when Western managers were still in charge, they believed for a time that Saudi output could reach 20 million barrels a day. But by the time the Americans lost control in 1979, they figured the peak would be 12 million.
They also predicted that peak production would last only 15–20 years. 1979 plus 20 is 1999. We're past the peak, if these men were right. But we already know they were too optimistic.
The truth is that Saudi production never got to 12 million. "In all probability, output peaked in 1981 at an unsustainable level of about 10.5 million barrels per day," according to Matthew R. Simmons, a leading oil industry authority.
And yet the lies go on...
In 2004, Saudi officials claimed they boosted production to 9.5 million barrels per day and maintained that level for five months.
It's almost sure they were lying. The International Energy Agency is the group that keeps an eye on these things for the developed, oil-importing countries. The IEA could find no sign the Saudis were selling more oil.
As far as anyone can tell, they pump only around 5 million barrels a day, and that's all they've pumped for years.
In spite of being lied to at least once, the IEA, the U.S. Department of Energy and other forecasters believe the Saudi claims. ALL their projections of our energy future ALWAYS assume the Saudis could produce 15–20 million barrels a day.
The lies have worked. Not only do Western politicians believe them, but so do many oil industry experts and investors with huge amounts of money at stake. They've been had.
You'll get the full story in a FREE special investment report called Crude Awakening: How to Survive the Total Global Energy Crunch. It's just one of four free special reports with my 10 best recommendations.
The three picks in Crude Awakening are already moving up. In fact, one recommendation is up 75% since I recommended it. I'm telling readers to hang onto all three of them, because the profits have just begun.
We went through three recessions from 1973–1983.
Care for a repeat?
Our whole economy is at risk. Your investments are at risk. Your retirement plans are at risk.
America has been so prosperous the last couple of decades, a lot of people forget what the energy crisis of the '70s was like. Let me remind you: The price of a barrel of oil shot up 400%. Long lines formed at gas stations practically overnight.
Folks had to pay four times as much for a gallon of gas, and there came a week when one out of every five gas stations in the United States had no gas to sell at any price.
The U.S. had three major recessions within 10 years after the first oil crisis in 1973. And those recessions were deep, with double-digit unemployment, double-digit interest rates and double-digit inflation.
Think 10–12% unemployment.
Think 15–18% mortgage rates.
Got the picture? That was the ‘70s. Not fun. My take is that a similar crisis will rock the nation before we solve our problem with clean coal, liquefied natural gas, oil from tar sands, high-mileage cars and safe nuclear plants. More than likely, the politicians will quarrel for years before they do what has to be done.
IF this is true it make our Oil and gas look good as well as LNC shares????
A lot was deleted due to the amount of text.
Saudi Arabians, you've gotta love 'em. First, 15 out of 19 hijackers on Sept. 11 were Saudis, but Saudi Arabia had NOTHING to do with it, or so we're told. They love us!
Now Saudi Arabia is about to drop another bombshell on us, and this one will make Sept. 11 look like small potatoes.
Sept. 11 shut the markets down for a few days. When the next crisis hits, you'll wish the markets would shut down so you wouldn't have to watch the carnage.
if some well-informed experts are right, Saudi Arabia's oil reserves are a fraction of what they've been telling us.
Why does it matter? Because everyone has believed for decades that Saudi Arabia's oil supply is virtually unlimited. That's what the Saudis have said over and over again for more than 30 years.
If an oil shortage threatens to cause a recession or a market crash, we can count on the Saudis to come through. So people think.
But in a private briefing, one of America's top oil experts told President George Bush exactly what I'm telling you. In fact, this same man was a consultant to the secretive task force that drew up Vice President Dick Cheney's energy plan in 2001.
In other words, the guy is a heavy hitter who knows the energy business.
He warned Bush that the Saudis don't have anything near the oil reserves they claim. They already pump less oil than most "experts" think, and here's the real kicker...
Saudi oil production is about to drop sharply. And it will keep going down for good.
Other experts have analyzed the numbers and come to the same conclusions. If the charges are true ”” and I believe they are ”” we could be facing...
They say the Saudis could quickly double their oil production from the current level if they wanted to. And given a few years, they think the Saudis could produce four times as much oil as they do now.
Iintelligence agencies and the conventional "experts" are dead wrong. The oil isn't there.
Why should you pay attention to what I think? Let me give you a good reason, and then you decide. My name is Byron King, and I'm the co-editor of Outstanding Investments.
Why 2007 was a year of crisis
The oil and gas shortages we've seen lately are nothing compared with what's on the way.
When the truth comes out, it will send shock waves through the world economy. Everyone will find out too late ”” when gasoline soars to $5 or $6 or more per gallon. I'm writing today to give you a heads-up.
The next few pages show you how to protect yourself and get rich off energy sources and technologies the world will scramble to buy at any price.
Don't be surprised if certain commodities and resource stocks soar three, five or even 10 times over.
The coal revolution is here. It's always been cheap and plentiful. Now it's going to be clean, and soon it will even be liquid. It's also going to cause a massive shift in world power. Two American companies will profit big time.
Americans used to run Aramco, the huge oil company that manages the Saudi fields. But in 1979, the Saudis booted us out and took over.
no one knows for sure how much oil they've got in the ground, or how much they produce each year or how much they could produce if they wanted to push it to the max.
It's all secret. Experts try to figure out how much oil the Saudis sell by monitoring tanker traffic in and out of the world's ports. That's how little we know for sure.
.
Their figures for proven reserves kept going up and up and up ”” even though they didn't find any major new oil fields!
In 1979, the Saudis adjusted proven reserves upward by 50 billion barrels. Then eight years after that, their proven reserves magically grew by another 100 billion barrels.
Their estimated reserves increased by 150% in nine years ”” to a total of 260 billion barrels. And they didn't find a single major new oil field!
And here's the funniest thing of all...
For the last 17 years, they've claimed they own 260 billion barrels of proven oil in the ground. The figure never goes down, even though they pumped out 46 billion barrels during that period.
Let me see...260 minus 46 equals 260. Saudi math!
Based on these bogus figures, the Saudis claim they can produce as much oil as the world wants for the next 50 years. As recently as 2004, they claimed their reserve estimates are actually conservative.
That's why most of the world's governments and intelligence services believe the Saudis could pump 20 million barrels of oil a day if they wanted to. Trouble is, we've got no proof except their say-so.
If it were true, we wouldn't have a thing to worry about. But it's not.
It's horse hockey
Before Aramco's American owners were shown the door in 1979, they told Congress that Saudi Arabia had proven reserves of 110 billion barrels. There have been no major new discoveries, so 110 billion barrels was probably about right. And since then, about half of that has been used up.
So why do the Saudis insist everything is just fine and they have 260 billion barrels of reserves?
One reason is they wanted to discourage non-OPEC nations from looking for more oil or switching to alternatives.
It was a devious plan, and it worked perfectly.
But that wasn't the only reason the Saudis lied about their reserves. They did it because everyone does it! Everyone in OPEC, that is.
The Biggest Lie of All: OPEC's Imaginary Oil
In the 1980s, OPEC's claim of total reserves magically leaped from 353 to 643 billion barrels without a single major discovery. Industry experts call it the quota war.
You see, OPEC had to limit how much oil each member could sell, because prices were too low. The quotas were based on... each member's oil reserves!
That's right: The amount of oil OPEC would let a member pump depended on how much that member had in the ground. So it paid for OPEC members to claim the biggest reserves they could. And that's what they did.
The Saudis alone jacked up their estimate by about 100 billion. Kuwait added 50% to its reserves in one year, 1985. Venezuela doubled its reserves in 1987. Iraq and Iran doubled their estimates, too.
What's more, OPEC members did like the Saudis and kept their reserve estimates the same year after year, as if no oil were being pumped out and sold.
Everyone claimed to have a bottomless well.
Now, if you're like me, you prefer to base your financial decisions on the real world, not on a fantasy.
Let's look at how much oil there really is...
In the 1970s, when Western managers were still in charge, they believed for a time that Saudi output could reach 20 million barrels a day. But by the time the Americans lost control in 1979, they figured the peak would be 12 million.
They also predicted that peak production would last only 15–20 years. 1979 plus 20 is 1999. We're past the peak, if these men were right. But we already know they were too optimistic.
The truth is that Saudi production never got to 12 million. "In all probability, output peaked in 1981 at an unsustainable level of about 10.5 million barrels per day," according to Matthew R. Simmons, a leading oil industry authority.
And yet the lies go on...
In 2004, Saudi officials claimed they boosted production to 9.5 million barrels per day and maintained that level for five months.
It's almost sure they were lying. The International Energy Agency is the group that keeps an eye on these things for the developed, oil-importing countries. The IEA could find no sign the Saudis were selling more oil.
As far as anyone can tell, they pump only around 5 million barrels a day, and that's all they've pumped for years.
In spite of being lied to at least once, the IEA, the U.S. Department of Energy and other forecasters believe the Saudi claims. ALL their projections of our energy future ALWAYS assume the Saudis could produce 15–20 million barrels a day.
The lies have worked. Not only do Western politicians believe them, but so do many oil industry experts and investors with huge amounts of money at stake. They've been had.
You'll get the full story in a FREE special investment report called Crude Awakening: How to Survive the Total Global Energy Crunch. It's just one of four free special reports with my 10 best recommendations.
The three picks in Crude Awakening are already moving up. In fact, one recommendation is up 75% since I recommended it. I'm telling readers to hang onto all three of them, because the profits have just begun.
We went through three recessions from 1973–1983.
Care for a repeat?
Our whole economy is at risk. Your investments are at risk. Your retirement plans are at risk.
America has been so prosperous the last couple of decades, a lot of people forget what the energy crisis of the '70s was like. Let me remind you: The price of a barrel of oil shot up 400%. Long lines formed at gas stations practically overnight.
Folks had to pay four times as much for a gallon of gas, and there came a week when one out of every five gas stations in the United States had no gas to sell at any price.
The U.S. had three major recessions within 10 years after the first oil crisis in 1973. And those recessions were deep, with double-digit unemployment, double-digit interest rates and double-digit inflation.
Think 10–12% unemployment.
Think 15–18% mortgage rates.
Got the picture? That was the ‘70s. Not fun. My take is that a similar crisis will rock the nation before we solve our problem with clean coal, liquefied natural gas, oil from tar sands, high-mileage cars and safe nuclear plants. More than likely, the politicians will quarrel for years before they do what has to be done.
because i own plenty and it needs ramping after dropping from $5 to a low of $1.88 in less than 2 weeks!!
