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Oil Crunch Coming

Posted by: Tim Halbur

4 August 2009 - 7:00am

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.

"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."

Full Story: Warning: Oil supplies are running out fast
Source: The Independent (UK), August 3, 2009
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oh geez

Submitted by Premitive1 on Tue, 08/04/2009 - 09:53.

what's the opposite of a snake oil peddler?

And Armageddon peddler?

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“
In short, we’ve seen the last of the cheap oil on which we’ve built our economy, our communities, and our daily lives.
”