Really big news hit this morning. And today is April 2nd, so we can't dismiss this as an April-fools prank.
I explain it all with context below. But the summary is this: we're well on track for the oil supply shortage(s) and price spike(s) that I’ve been writing about for the past few years. It will all hit sometime between now and 2022 is my latest projected timeframe.
This will be a before-and-after story. Before the coming price spikes, so much seemed possible. After they hit, so much less will be. The transition from Easy to Hard is now fully underwaym and you need to be eyes wide open about the data.
The Master Resource
Energy is THE master resource. And oil is the king of them all. Coal is good; natural gas has its vital purposes; but oil is the most important lubricant of the economic machine.
Almost nothing moves without oil. Thousands of products are made with oil. Oil is the means of plowing fields, mining ores and shipping goods in a global economy.
Without oil there would be vastly fewer other resources with which to work, play and build things.
The topic of “How much oil is there?” is a confusing one, one that requires a good bit of study to understand as well as move past the mountains of disinformation/misinformation that permeates the media on this subject (especially in the US).
Details like “net energy,” the quality of the oil (API grade, contaminants, etc.), refinery capacity for differing grades, and differing reservoir characteristics all matter. These are largely glossed over or badly confused in the standard articles on oil. When that happens for long enough, otherwise intelligent people will look you straight in the eye and exclaim that the US is the new Saudi Arabia.
No, it’s not. And it never will be.
I’ll explain why.
Saudi Arabia Has Been Hiding The Truth
Saudi Arabia was blessed by possessing what will almost certainly prove to be the all-time crown jewel of oil fields. The chances of finding a larger field are slim to none.
That field is called the Ghawar, and it’s a beauty. Or, to be more accurate, it was.
by cmartenson 
