Reply #4: Some our wondering IF OPEC can ...

[Altean Wanderer]

significantly raise oil production period. Kuwait has peaked, and some think Saudi Arabia may be close to peak itself. That's why the oil under Iraq is the most crucial oil in the world when production from existing fields could decline by 3 - 6 percent per year, well, forever. If there are any significant undiscovered deposits, they're likely under the melting polar icecap or in deep water. That oil will not be cheap to produce.

Even without an attack on Iran, we could be looking at $150 barrel oil within 2 years or so.