Letters to The Guardian: High cost of oil addiction

Vincent Cable’s theory that the current rise in oil prices is only temporary is seriously mistaken (We have been here before, August 8). This time we are most likely to see an unprecedented fall in worldwide oil production while demand for oil is rising.

Cable claims that Opec has 2m barrels per day of spare capacity. Only Saudi Arabia claims to have spare capacity but Saudi data is rubbish. Oil reserves are a finite resource, yet Saudi Aramco has increased its estimate of proven reserve by 250% in the past 10 years without discovering any new oil reservoirs

The Guardian