I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Posted: Mon Jun 30, 2008 6:14 pm Post subject: Average cost per barrel of OIL to produce today????
I heard a blurb on CNBC today stating that at the recent turn of the century, a barrel of Oil on average(some sources are obviously cheaper than others to get a Bbl. of Oil out of)was under $10 to get out of the ground .
NOW that cost averages $55 a barrel?
Can anyone confirm this?....and of so..at least in my mind, is another clear sign of peak Oil.
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