Oil price could fall as low as $US43, Morgan Stanley says | Page 5 | Alternative Energy | Forums

interesting comment on overall production. when natural gas and oil production are combined, we produce more than anyone else, including the Saudis:

http://www.investope.....er=YahooSA

"The Kingdom of Saudi Arabia is often cited as the world's largest oil producer. The country produces 13.24% of the oil consumed in the entire world daily. Saudi Arabia has the second-largest reserves of naturally occurring oil in the world after Venezuela. It is estimated that Saudi Arabia's oil resources amount to 260 billion barrels of oil.

However, if you take into account the production of biofuels and liquid fuel produced from natural gases as well as oil production, then the United States is the largest producer in the world. The U.S. has been at the forefront of extraction of natural shale gas, particularly at sites in North Dakota and Texas, and this has been instrumental in raising the country's national energy source production."

Another interesting comment that doesn't get enough press, all of the oil in Africa:

"In addition, there are huge amounts of oil in African countries, such as Libya and Nigeria, which are also underdeveloped due to political upheaval and other problems."

The number one reason China has been busy propping up dictators in Africa for the last 15 years. Cheap access to natural resources.