Saudi Arabia Oil Production Tapped Out

We don't need to know when peak oil happens. All we need to know is that cheap oil will never return.
RIGZONE - Today's Analysis: Report: Saudi Arabia Oil Production Tapped Out:
by Dr. Joe Duarte -- 10/27/05
"Our own view on peak oil remains unchanged. The easy oil has been found. What's left, whether plentiful or not, is hard to get at, and hard to get out of the ground, as much for political reasons, as for logistical and methodological limitations.
From a pragmatic point of view, it doesn't really matter whether peak oil is here or not. Oil is more expensive now, and it is likely to have been reset at a higher price that where it was 5 years ago. Whether that price is $40 or $60 is practically irrelevant from an investment point of view, since higher oil prices are starting to be factored into the logistics, and the price structures of all goods and services. "