Tuesday, December 26, 2006

Iran Oil In Decline

Iran may need nuclear power: study

WASHINGTON (Reuters) - Iran's claim to need nuclear power may be genuine, given that it could run out of oil to export as soon as eight years from now, according to an analysis published on Tuesday by the National Academy of Sciences.

The study's author, Roger Stern, a researcher at Johns Hopkins University in Maryland, said investment in Iranian oil production had been inadequate to offset oil field declines and the explosive growth in domestic demand.

"I'm not saying that Iran will have no oil in eight years," Stern said in a telephone interview. "I'm saying that they will be using all of it for themselves."

continued...


This factor is one overlooked by those arguing that we'll have oil for decades. As growth continues in nations that produce oil, eventually their own needs swell to match their production rates. After that, the two go out of equilibrium and that nation must go into debt borrowing to buy oil, or face and economic crash. The US crossed this path in the 1970s and has since been selling itself off to foreign interests since. Its a bit like a once wealthy family, selling off the antique furniture to make tax payments and to cover gambling and drug debts.

There's probably only one option left for Bush now. If he doesn't kill the people of Iran and steal their oil now, Halliburton may never get a shot at selling it on the international market and keeping the cash for themselves.

The window of opportunity for our elected war criminals is closing.

1 Comments:

At 4:04 PM, Anonymous buzz saw said...

The EIA has OPEC increasing production through 2030. Yeah, good luck with that!

 

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