Saudis Admit They're Being Overwhelmed By Oil Demand

There's long been a disconnect between what the Saudis are saying about oil and what they do. They've said that they have more oil than we can ever use -- meanwhile, they are adding to their drilling rig fleet at a tremendous pace, and even drilling offshore (it's odd that they would pursue expensive offshore drilling if Saudi sand is soaked in cheap oil).

Well, yesterday, Saudi analysts openly admitted that global oil demand is rising so fast -- by about 2 million barrels per day each year -- that the Saudis "won't be able to cope without drastic help."

EEKS!

Check out my new gold and energy blog at MoneyAndMarkets.com