Matt Simmons authored a book.. "twilight in the desert" during about the peak of the Peak Oil craze.. suggesting that the Kingdom's largest Oil field.. Ghawar.. was nearing the end of it's productive life.
Ghawar was discovered by an American Geologist in the.. 1930's give or take.. it has been BY FAR the LARGEST discovery EVER.. pumping out a Massive 5 million bbls per day for a couple of decades now.
In the Prospectus.. there's a little bit for both sides to claim..
In 2018 Ghawar only did 3.8 mln bbls per day.. so this is Down from 5.. was Matt right?
However, as Robert Rapier suggests.. Aramco holds spare capacity in reserve and they water Flood Ghawar.. they could be just idling it back to build pressure and support world oil prices..
So we are NOT running out of Crude.. but it's costing more.
Which leads us back to Ethanol.. which adding a million bbls per day to the US gasoline Mix saves about 2 million barrels per day of demand.. as there's only about 21'ish gallons of gasoline in a 42 gallon barrel.
Irwin at U of Ill.. says that US Gasoline demand could be rolling over..