Saudi Arabia hit peak oil?
If you hadn't already heard, the Wikileak du jour is that the US believes that Saudi Arabia has hit peak oil, or in other words, the maximum rate of oil extraction has been reached.
The US shale oil boom will enable the US to overtake Saudi Arabia as the world's largest oil producer by 2020, a radical shift that could profoundly change not just the world's energy supplies, but also its geopolitics, the International Energy Agency, the energy watchdog for 28 industrialised countries including Ireland, said Monday.