Thursday, March 29, 2007

GAO Speaks

But will the public listen? Rep. Roscoe Bartlett (R-Md) has what he wanted, GAO's imprimatur on the issue of peak oil and the risk to the country. I have yet to read the entire 82 page report, but hardier souls than I have and the verdict is that the GAO has not plowed any new ground. However Khebab has done a graph using the data GAO worked with and forecasts a 95% probability of peak occurring BEFORE 2014. He has taken some flak for that based on the GIGO theory.

Wstephens, who works in the futures business opines that King Abdullah's latest blast at Bush for the Iraq fiasco is a smokescreen for an 'embargo' that is another smokescreen for KSA's inability to raise production. We'll see if that prognostication comes true.

CNBC has a video on the report that includes Matt Simmons. He is not reassuring as you can imagine. Remember what I said about parking in RP? Find those spaces now. Matt is expecting gas shortages this summer. His idea - conservation.

Those of you looking for the Reader's Digest Condensed Version of the report can look here.

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