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30 March, 2009

Daily Reckoning: "Saudi Arabia's oil reserves are a fraction of what they've been telling us."

Finally, a mainstream investment newsletter has caught up to what Peak Oil believers have been saying for years.

THE GREAT OIL HOAX
What Bush was told behind closed doors
Discover the biggest lie of the last 30 years...

...revealed by the investment newsletter rated No. 1 over a five-year period by the independent Hulbert Financial Digest

Dear Reader,

Those Saudi Arabians, you've gotta love 'em. First, 15 out of 19 hijackers on Sept. 11 were Saudis, but Saudi Arabia had NOTHING to do with it, or so we're told. They love us!

Now Saudi Arabia is about to drop another bombshell on us, and this one will make Sept. 11 look like small potatoes.

I never thought I'd say anything could make Sept. 11 look like small potatoes. But this does, at least when it comes to the economy.

Sept. 11 shut the markets down for a few days. When the next crisis hits, you'll wish the markets would shut down so you wouldn't have to watch the carnage.

What Bush learned behind closed doors

If some well-informed experts are right, Saudi Arabia's oil reserves are a fraction of what they've been telling us.

Why does it matter? Because everyone has believed for decades that Saudi Arabia's oil supply is virtually unlimited. That's what the Saudis have said over and over again for more than 30 years.

If an oil shortage threatens to cause a recession or a market crash, we can count on the Saudis to come through. So people think.

But in a private briefing, one of America's top oil experts told President George Bush exactly what I'm telling you. In fact, this same man was a consultant to the secretive task force that drew up Vice President Dick Cheney's energy plan in 2001.

In other words, the guy is a heavy hitter who knows the energy business.

He warned Bush that the Saudis don't have anything near the oil reserves they claim. They already pump less oil than most "experts" think, and here's the real kicker...

Saudi oil production is about to drop sharply. And it will keep going down for good.

Other experts have analyzed the numbers and come to the same conclusions. If the charges are true — and I believe they are — we could be facing...

Oil at $150 per barrel and gasoline at $6 a gallon or more

The oil is running out. It's as simple as that.

But that's not what you hear from so-called experts. If you ask government officials, our intelligence agencies and even powerful Wall Street financiers, they tell you the opposite.

They say the Saudis could quickly double their oil production from the current level if they wanted to. And given a few years, they think the Saudis could produce four times as much oil as they do now.

This is like the Iraqi WMDs all over again

The intelligence agencies and the conventional "experts" are dead wrong. The oil isn't there...


It goes on for a lot longer, but you get the idea.

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