As you might have heard, there was an oil summit in Saudi Arabia today. This is what came out of it:

“Saudi King Abdullah confirmed Sunday that his country will increase daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices.” (source)

Basically, some are saying that the oil problem is because of the increasing demand and the inability of Saudi Arabia to cope with it, while the honorable King Abdullah is blaming speculators. Either way, it is interesting to see how increasing the oil production is going to change what matters most to the common man – prices.

Many people are saying that oil is the main reason why America invaded Iraq. However, only by looking at the facts can we truly make an educated opinion about that statement. Facts:

We are discovering less and less oil fields
We are consuming 3 times more oil than the oil we are discovering
We are consuming 84 million barrels a day

Oil is power. Cheap oil is even more power. I recommend watching the documentary bellow to understand more about “peak oil” – remember, you don’t have to believe in it, it’s just a perspective. I know that the first part is much more widely accepted than the second one about 9/11. There are numerous documentaries such as this one and they are basically saying the same thing.

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