FABIUS MAXIMUS says we’re seeing political peak oil. Regardless of what this means globally — to the extent you can distinguish Saudi reserves from global reserves, I guess — this offers some support to the notion that the Saudis have been overstating their reserves for a while. Or maybe they’ve caught on to the Malcom S. Forbes strategy. I guess it was a mistake for me to have mentioned it a couple of weeks ago . . . .
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