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