Basically, Mr. Williams was told that over the next twelve months, from mid-2008 to mid-2009,
(1) news of super giant oil fields, ready to produce, would be announced for two locations, in the Northern Slopes of Russia and in Indonesia, which oil fields would together contain more oil reserves than the entire Middle East;
(2) that this news would drive oil prices down to $50/barrel;
(3) that OPEC countries, especially in the Middle East, would be bankrupted by this price decrease;
(4) that this would cause the financing of our foreign trade and current account deficits through purchases of treasury paper by foreign nations with their surplus oil profits to collapse, leading to the collapse of the dollar;
(5) that the collapse of the dollar would cause unprecedented financial strife and turmoil in the US, and that it would take many years for the US to recover from this financial debacle;
(6) that they (big oil) support John McCain for President; and
(7) that US domestic oil reserves would never be tapped, and that any legislation which might allow domestic reserves to be tapped would not be allowed to pass, leaving the US dependent on foreign oil forever.