Saudi oil reserves overstated by as much as 40%...

That $7500 electric car tax credit lookin better...
Reserves of world's biggest oil exporter have been overstated by nearly 40%... Aramco's 12.5m barrel-a-day capacity needed to keep a lid on prices could not be reached.... industry had overstated its recoverable reserves to spur foreign investment.

Possibly as early as 2012 – global oil production would have hit its highest point....known as  "peak oil".... at that point Aramco would not be able to stop the rise of global oil prices... once 50% of original proven reserves has been reached … a steady output in decline will ensue and no amount of effort will be able to stop it.

"We are asleep at the wheel here: choosing to ignore a threat to the global economy that is quite as bad as the credit crunch, quite possibly worse."

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices | Business | The Guardian