September 14, 2006

TRANSIT TAX:

Fresh oil finds, technology can add to supply: Aramco (Gulf Times, 14 September, 2006)

Saudi Arabia, the world’s biggest oil producer, said improving technology and new fields may help the world unlock 2tn barrels of oil in the next 25 years, or about double the existing proven reserves.

World has tapped just 18 percent of global oil supplies, Saudi executive says (Associated Press, September 13, 2006)
The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out.

Abdallah S. Jum’ah, president and CEO of the state-owned Saudi Arabian Oil Co., known better as Aramco, said the world has the potential of 4.5 trillion barrels in reserves - enough to power the globe at current levels of consumption for another 140 years.

We'll never run out, so you have to use taxes to break our dependence.

MORE:
Oil drops to $63 (Reuters, 9/14/06)

Oil fell to $63 on Thursday continuing a month-long retreat on swelling stockpiles and tensions taken in stride by the market.

Posted by Orrin Judd at September 14, 2006 12:00 AM
Comments for this post are closed.