Oil Peak?

Reuters says that it is tough to pump more oil, even at $100.

A growing number of leading industry figures -- the CEOs of Total and ConocoPhillips among them -- now question mainstream forecasts for supply, suggesting the era of "plateau oil" is nearer than many in the business have admitted.

While global oil demand is projected to grow to more than 100 million barrels per day later this century, some argue it may not be possible to boost flows beyond the current rate of some 86 million bpd.

Supply still falls short even after so-called unconventional oils extracted from tar sands and converted from natural gas are taken into account, said Sadad al-Husseini, a former top official at state oil giant Saudi Aramco.

I think what the Saudi Minister is saying is that given the current supply situation they intend to continue their war with the west indefinitely. Especially given that Americans seem to have no interests in opening ANWAR or other known areas of supply along the American Coasts. Seems like a case of stupidity squared to me.