Is Saudi Arabia being honest with the world when it says that there is no oil production shortage?

Saudi Arabia, where it costs $.50 (fifty cents) to produce a barrel of oil, and which is the home of the 9/11 terrorists that attacked the United States, dominates OPEC and OPEC pricing arrangements. World Population increases by 2.5 Billion over 33 years and OPEC oil production stays the same. See a problem... show more Saudi Arabia, where it costs $.50 (fifty cents) to produce a barrel of oil, and which is the home of the 9/11 terrorists that attacked the United States, dominates OPEC and OPEC pricing arrangements.

World Population increases by 2.5 Billion over 33 years and OPEC oil production stays the same.

See a problem here? Is there any reason world fuel prices are at record levels worldwide?



1973 Total OPEC Oil production 30.63 Mbbls per day

2006 Total OPEC Oil Production 30.66 Mbbls per day

Table 11.5 World Crude Oil Production, 1960-2006 (Million Barrels per Day), http://www.eia.doe.gov/aer/txt/ptb1105.html


1973 Total World Population 4.108 Billion (May 22, 1973)
http://www.ibiblio.org/lunarbin/worldpop

2006 Total World Population 6.618 Billion (May 22, 2008)
World POPClock, U. S. Bureau of Census, http://www.census.gov/ipc/www/popclockworld.html
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