Peak oil is dead.We told you what that will mean for the U.S. economy.
But what about the rest of the world?
Quartz's Steve LeVine was the first to write why this could spell big trouble for OPEC.
We also reported last month that Norway's foreign minister believes America's shale boom could rearrange the Middle East's balance of power.
But we wanted to go one step further and hone in on what the end of peak oil means for one of America's all-time frenemies: Saudi Arabia.
The kingdom still rules the oil world in every major stat: production (11.2 million barrels a day), exports (8.5 million barrels a day), and largest oil deposit (the Ghawar field at an estimated 70 billion barrels).
But with the help of some charts from AEI's Mark Perry, who's been chronicling America's energy boom better than anyone, and the now-instant classic note, "The End Is Nigh [for rising oil demand]" from Citi's Seth Kleinman and Ed Morse, we bring you 10 charts that should scare the crude out of the Saudis.
Saudi Arabia needs high oil prices to function — Below $80 and the kingdom starts getting into trouble.
But Citi says the following trends will put that in jeopardy...
But more and more people are switching to natural gas.
That's because it's so cheap. Since 2010, natural gas prices have fallen 28 percent. Rising demand will cause prices to rebound, but it'll be slow going to get off record lows.
Gas' share of the world energy mix is surging. Oil's is falling.
According to BP, gas could actually surpass oil sometime after 2030.
See the rest of the story at Business Insider
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