IEA Says: Oil Running Low in Only 5 Years!
Posted on Jul 10, 2007 - 02:31 PM
By: Adam Beazley
In a recent post from the blog over at LiveScience.com, The International Energy Agency (IEA), who advises many industrialized nations, said “oil looks extremely tight in five years time.”
Why is this happening s fast?
Well with China and India growing at such a rapid pace, the demand for oil based fuels has drastically increased, making it very nearly impossible to keep supplying this increasing demand. Now there has been talk of peak oil for quite some time, but it is generally dismissed and met with a lot of skepticism, however, this announcement from the IEA (an economic group) has actually got the attention of the industry. The IEA also reported that the supply from many of the mature oil fields has dropped and with the rapid increase in demand, this spells disaster.
This just further strengthens the environmentalist argument that we must wean ourselves from oil. Of course we will never be an oil free nation; however with all of the new forms of alternative energies and alternative fuels, we should be able to drastically reduce our consumption rate. And with these new findings and predictions of the IEA, maybe the big oil companies won’t be pulling as many strings in congress to give alternative energy companies a hard time.
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Show/Hide Comments (3)
By Tarun K Juyal on 07/18/2007
Aftergone through this blog i am very impressed. But I am also write some information about Global Warming
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By Anonymous on 09/08/2007
There has been talk over the amount of oil left for decades.
Those that profit off oil will look for reasons to charge
more.
By Rob Russell on 11/13/2007
With the economies of China and India booming along we will presumably see increasing prices for a diminishing resource. Peak oil has probably come and gone, and it is just the reluctance of the oil cartel to lose its market stranglehold that has seen prices so low for so long. They will have to start pushing the price up soon, and probably in a rush, too, as they will need to spend extra cash to force oil out of the ground. It’ll get harder to extract, it’ll be poorer quality and it’ll cost more to refine. Mind you, this will make alternatives viable, too. Rising oil prices are a good thing in that we will finally see a realistic price for a limited commodity… and start valuing it more!
