The Rising Influence of Rising Affluence

[DewDiligence]

Saudis are pumping oil at record pace:

http://online.wsj.com/article/SB10000872396390444130304577558343380816080.html

The country shows no sign of letting up from its average production levels of 9.94 million barrels a day in the first half of 2012. Output averaged 9.9 million to 10 million barrels a day in July, industry analysts and shippers said, as the country increased exports and burned more crude to meet an increase in domestic demand for electricity…

That puts the top oil exporter in line to exceed its record oil output of 9.901 million barrels a day in 1980, when the country opened the taps to make up for a sharp fall in Iranian output after its 1979 revolution.

Where are the Peak Oil conspiracy nuts who claimed the Saudis were almost out of oil?