Gallery: WikiLeaks Reveal That Saudi Arabia Is Overstating Their Oil Re...

 

Our dependency on oil may just have been given another blow. According to recently released cables from WikiLeaks, the U.S. believes that Saudi Arabia is overstating its oil reserves by more than 300 billion barrels, or nearly 40 percent. A staggering number that is sure to bring into focus our current dependency, it is also believed that this news will cause oil prices to escalate in the next few years. Oil prices have already skyrocketed to over $100 a barrel because of unrest in the middle east and increased global demand, but the new WikiLeaks could have even greater implications on prices.

Read the rest of this entry »

LEAVE A COMMENT

or your inhabitat account below



2 Comments

  1. caeman February 14, 2011 at 9:36 am

    Time to tap our own local reserves until we can move to other alternatives.

  2. Bretr February 11, 2011 at 11:46 pm

    Nuclear Power. :)ftw

get the free Inhabitat newsletter

Submit this form
popular today
all time
most commented
more popular stories >
more popular stories >
more popular stories >
Federated Media Publishing - Home