Global oil supply ‘far worse than admitted’
TERRY MACALISTER, LONDON – November 11, 2009 The Age
THE world is much closer to running out of oil than official estimates admit, says a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.
The senior official claims the United States has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oilfields while overplaying the chances of finding new reserves.
The allegations raise serious questions about the accuracy of the organisation’s latest World Energy Outlook on oil demand and supply, to be published overnight.
The outlook is used by many governments to help guide their energy and climate change policies…
via Global oil supply ‘far worse than admitted’ theage.com.au
It really is another aspect of the world financial crisis of the last few years, and it is part of the deception that was the preferred political fuel over the noughties.
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