And so it begins…

Saudi Arabia’s King Abdullah has ordered a halt to oil exploration operations to save the hydrocarbon wealth in the world’s top crude exporting nation for future generations, the official Saudi Press Agency, or SPA, reported late Saturday.

“I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life,” King Abdullah told Saudi scholars studying in Washington, according to SPA.

“I told them that I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors God willing,” he said.

A senior oil ministry official, who declined to be named, told Zawya Dow Jones the king’s order wasn’t an outright ban but rather meant future exploration activities should be carried out wisely.

More on this story here: http://www.zawya.com/Story.cfm/sidZW20100704000064/Saudi%20King:%20…

Combine this with the comment that we received on our WordPress site on Sunday night, pointing out that if China increased its oil consumption per person just to the same level as South Korea then we would need another 44 million barrels of oil per day compared with the current total of 84 million barrels per day…
Combine that also with the technical difficulties of extracting the new oil from deep under ground being demonstrated currently in the Gulf of Mexico…
And it is obvious (to me) that no matter how much is in the ground, and how much more we discover, Richard Branson is right when he says that within five years, from a combination of increasing demand and increasing difficulty, of getting at the stuff, demand for oil will exceed supply.

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