A truly epoch-changing story is evolving underneath the radar of the mainstream media, and out of sight of the Internetistas.
For some years now, Peak Oilmen (and women) have been trying to draw attention to the problems with the subsiding gushers in Saudi Arabia.
The Oil Drum, who confidently assert they know everything to cast accurate future projections for oil production, say that Saudi Arabia peaked in 2005 :-
Apparently the wells are pumping more water than crude these days.
We can hold these claims in one hand, and in the other, the claims of those who say that Saudi Arabia as part of OPEC is trying to restrict the flow in order to raise the prices.
That argument is somewhat tenuous given the rapid rise and fall (and rise) of prices over the last 24 months, and the fact that Saudi oil sells on the open markets, not in private deals.
What signs can we espy that might indicate that change is coming ?
Three very interesting phenomena have been in the news this week, that look a little unrelated to the question of peak oil, but are highly correlated.
1. The United States of America imported much less Saudi Arabian oil just recently :-
2. China is about to buy more oil from Saudi Arabia than ever :-
3. Prince Hassan of Jordan is involved with the DESERTEC solar power project to bring energy from the desert to Europe :-
I would like to make a couple of reasonable leaps about this.
a. Saudi Arabia must surely know that the oil wells are drying out.
b. Saudi Arabia must by now be convinced that Carbon Credits could reduce profits from selling their remaining oil.
c. Saudi Arabia will join in with this desert solar project (or one very similiar) in the extremely near future, openly, although for now it’s all a bit hush hush.
You see, the sun shines bright over the whole of the Arabian Peninsula, North Africa, Iraq, Iran, and many countries that end in -stan.
And it won’t be of any use to try to export solar power to America, when there’s such a large Renewable Energy market in Europe.
Sooner or later, Saudi Arabia will realise it can cut a better deal with Europe over solar power, than it can with America over oil.
I’m sure Saudi Arabia has a view about how much longer America can justify fighting pseudo-wars in the Middle East just in order to retain the rights for oil contracts.
Saudi will jump. I’m sure of that. Into the arms of Europe.
We should then see an end to wars of resources in the Middle East, as the Muslim world starts to work in harmony with the Christian world and the Jewish world over power supplies shared to our mutual benefit – wind power from the north compensating for sunset over the sands.
All energy will eventually be denominated in Euro instead of Dollars.
Goodbye America. And goodnight.