WikiLeaks Posts Show Saudi Arabia Overstated Oil Reserves by 40%

FBN's Eric Bolling has worked in the oil sector for 23 years, and this morning he reacted to this WikiLeaks post, saying he "doesn't buy it." Bolling says that even without exploring any new oil, Saudi Arabia still has 200 years worth in reserve.

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[DeltaPerception]

"Mr. Bolling, what you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul. "

[maxl36]

hahhahahaha lol... what a moron...

its a finite ressource

its not renewable

"they constantly find new sources of oil" lol yes... but how much? we are using more oil every year since about 1980 then we actually find and demand is still increasing every year by almost 2 %

I really like the "maybe, maybe,...." at 2:30 hahaha "they MAYBE have it, the russians MAYBE have it" come on... can we afford to ASSUME its there?

drill baby drill... yeah whatever

[scotland7yard]

1:25 Price won't go up, 2:10 Price will go up. Bolling :S

[ESNGent]

Such a liar

[javelin2412efi]

the real reserve is 264 billion barrel, without counting what's extracted form previous years. so i see30 years max to be fully depleted, (ghawar field) the largest in the world had produced 65 billion barrels since 1948 and may soon peak. so i think this guy exposed to gas vapor more often which led to miscalculate.

[boscoesarmy]

This guy is a liar.

[04HondaAccord]

P.S. US oil can meet US demand 100% for about 8 years. Is this guy drunk?

[04HondaAccord]

260 billion barrels /(10 million barrel*365 days)=71.2 years not 200. Is my math right? Where did he come up with 200 years

[geebus80]

Thorium and Helium 3 are the resources for the next age

[TheCIAsucks]

We can always find more oil. Maybe we can find some on the moon? Right!? This guy works for the oil companies. I wish we had a free press.

[MrKjp12]

Bolling, your an idiot "production is more important than reserves' Where do you think there producing from, their toilets . there drilling into their reserves. You have totally discredited yourself by your idiocy. Suadi has 800 billion barrels of oil - thats what I get - or close when I project forward at 10 mil. per day. 365 x 10mil = 3.65bil x 200= 730 billion in reserves. you're a ___ing idiot. Saudi can increase to 12.5 mbd - In your dreams pal. Remember, you're a trader bolling a bookie.

[shaffer057]

Good thing they have 200 years worth of gas. I was starting to get worried i was going to have to trade in my Suburban with the muffler missing.  I guess I can go back to eating my TV dinner in front of my 55 inch TV with the PS3 and X box in front of it.