On Jan 31, 2007, at 13:34, Christopher Hickman wrote:
On Wednesday, January 31, 2007, at 01:24PM, "Jonathan Grabert"
<jonathang@xxxxxxxxxxxxx> wrote:
Keep in mind that, when adjusted for inflation, the price of oil has
gone
DOWN, not up. That's hardly indicitive of a lack of supply.
And that's despite OPEC's production restrictions to artificially
reduce supply.
"The OPEC countries decided in 1985 to link their production quotas to
their reserves. What then seemed wise provoked important increases of
the estimates; in order to increase their production rights. This also
permits the obtainment of bigger loans at lesser interest rates. This
is a suspected reason for the reserves rise of Iraq in 1983, then at
war with Iran.
In fact, Dr. Ali Samsam Bakhtiari, a former senior executive of the
National Iranian Oil Company, has stated unequivocally that OPEC's oil
reserves (notably Iran's) are grossly overstated. In a recent interview
[4] he stated that world oil production is now at its peak and
predicted that it will fall 32% by 2020."
<http://en.wikipedia.org/wiki/Oil_supply>
:-j