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NEWS: UK INDEPENDENT - WARNING OIL SUPPLIES RUNNING OUT FAST

xxancroft's picture
Submitted by xxancroft on 3 August 2009 - 2:22pm

 

Warning: Oil supplies are running out fast. Catastrophic shortfalls threaten economic recovery, says world's top energy economist

The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.

Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.

http://www.independent.co.uk/news/science/warning-oil-supplies-are-running-out-fast-1766585.html

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I wonder how many times the

Submitted by admin on 3 August 2009 - 3:43pm.

I wonder how many times the oil price will need to zoom up to $150 per barrel (and subsequent economic crash causing the price to collapse to a bit higher than the last collapse) before most people realise what's happening?

My guess is 3 times. We've had one so far...

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Uhhh just did some more

Submitted by admin on 3 August 2009 - 9:21pm.

Uhhh just did some more reading about this. Depletion rates are turning out to be twice what the IEA originally thought.

Given that the IEA is permanently optimistic, that's pretty bloody ominous.

 

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4 Saudi Arabias

Submitted by admin on 3 August 2009 - 9:27pm.

"Even if demand remained steady, the world would have to find the equivalent of four Saudi Arabias to maintain production, and six Saudi Arabias if it is to keep up with the expected increase in demand between now and 2030"
Four Saudi Arabias. That won't be any problem, will it? heh

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