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Will we have to face the consequences of 'peak oil' sooner rather than later?


It has been reported that Saudi Arabian oil reserves may have been over-estimated by as mucn as 40%. This statistic has been given further credence by news released over the last couple of days that the kingdom is going to build 16 nuclear reactors before 2020. It seems Saudi Arabia is already planning for a post-oil/life-after-oil future. Where does this leave a 'free market', world economy, entirely predicated on growth? Without oil what would drive this growth? Furthermore, why do politicians keep promising a return to growth when the end of oil is already looming large on the horizon?

 

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