Oil Crunch Coming

Peak oil will happen at least 10 years earlier than most governments are expecting, and an oil crunch will occur in the next 5 years, says Dr Fatih Birol, chief economist at the International Energy Agency.
August 4, 2009, 7am PDT | Tim Halbur
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"In its first-ever assessment of the world's major oil fields, the IEA concluded that the global energy system was at a crossroads and that consumption of oil was "patently unsustainable", with expected demand far outstripping supply.

Oil production has already peaked in non-Opec countries and the era of cheap oil has come to an end, it warned."

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Published on Monday, August 3, 2009 in The Independent (UK)
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