Energy: The Real Oil Shock

One expert argues that the Saudis won't be able to meet demand; we'd better prepare now

Bilai Qabalan / AFP / Getty

A general view shows an oil production plant near Dammam in Saudi Arabia's eastern province.

Between 1950 and 2005, the world's use of oil grew more than eightfold, bringing global demand to 85 million bbl. of oil per day. Despite that incredible growth, the world's oil appetite is just getting a head of steam, as countries like China and India finally move toward lifestyles comparable to those of Europe and the U.S. Most oil-forecasting models show demand rising to between 120 million and 130 million bbl. per day by 2025 or 2030. The only way this demand can be met is for most of the additional supply to come from the Middle East, with Saudi Arabia...

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