Peak Oil and Its Consequences 1 Video (10min 22sec) - Is the world running out of oil? Max Keiser looks at the issue of peak oil and its consequences.
"Can there be life after oil? For every 6 barrels of oil we consume, we find one barrel. That means we're 5 short, according to industry experts. And if consumption rates continue to outstrip discovery of new reserves, then we all have a serious problem on our hands.
"In 2006, the world consumed more the 30 billion barrels. Oil in many ways is the be all and end all of our modern way of life. It's the very basis of all economic activity. From the cars we drive to the food we eat that travels for miles before it gets to our plate. Oil is even used to make microchips. So, it's everywhere."
"The world's largest producer of oil is Saudi Arabia. It have a production level of 9 million barrels a day. And for us to keep up pace with the racing demand, we may have to discover a new Saudi Arabia every four years.
"So, has oil really peaked? And is it all downhill from here? Max Keiser went to the desert in search of answers..."
