Peak oil is a big fraud. To state that oil is finite is a no brainer. How finite? Nobody knows. Oil companies can tell you they know how much oil they have to they do not how much there is at all. Frankly speaking, if Peak oil is as big a deal as it should be. USA and the powers that be will be stockpiling oil like nobody's business. More SPRs rather than less. US recently decreased its demand on oil.
Many oil countries and complexes are purposely decreasing production. What the Saudis know is this. US can reduce their demand for oil faster than Saudis can reduce production, fucking the oil price to peanuts. That impact is far more direct and devastating to the Middle east economy than the world running out of oil. This has happened at least twice before in Middle East oil history. Do you hear the plop sound of dried oil fields and wells? No.
Industrialization can always go back to coal and the expensive and abundant shale oil. We still have nuclear. We have enough fossils for another 250 years or more. Also, there is great debate on whether oil is as limited as we think as debate on whether oil comes from dead biomass- aka dinosaurs - altogether.
Middle East needs something to maintain their oil revenue wealth. The current financial spin, since property is fucked, the new scam game is for solar investment. Europe now wants to invest 560billion in solar in N. Africa. Good luck to them and great hunting for Al Qaeda.
