by Zoe Pollock

Ariel Schwartz reports on the latest leaks:

WikiLeaks has released cables revealing that Saudi Arabia's oil reserves have been exaggerated by as much as 40%, or 300 billion barrels. Saudi Arabia is the world's largest oil exporter. Peak oil, or the point when the maximum rate of global petroleum extraction has been reached and is about to enter terminal decline, is no longer the fringe theory it was just 10 years ago. ...

Only time will tell whether [U.S. consul general and geologist Sadad] Al-Husseini's predictions are correct, but the possibility of imminent peak oil is enough to make Obama's goal of putting one million electric cars on the road by 2020 a little less overly ambitious.