I’m surprised this hasn’t had bigger play, given the implications. From the New York Times:
Saudi Arabia’s ability to boost oil production much above current levels is questionable and the country’s overall crude reserves may have been overstated by up to 40 percent, American diplomats in Riyadh warned in confidential cables written between 2007 and 2009. The dispatches were released by Wikileaks and published on Tuesday by The Guardian newspaper in Britain.
That this was published in the Times Environment blog and not on the financial pages says a lot too. The impact of peak oil will seem in retrospect like the 2008 financial crisis – ignored and denied in the lead-up, seen as inevitable and predictable after the fact.