Graph of the Day: IEA Forecast of Global Oil Production, 1990-2030
By Terry Macalister
www.guardian.co.uk, Monday 9 November 2009 21.30 GMT The world is much closer to running out of oil than official estimates admit, according to 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 US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields 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 tomorrow – which is used by the British and many other governments to help guide their wider energy and climate change policies. …
Key oil figures were distorted by US pressure, says whistleblower
"If the real [oil reserve] figures were to come out there would be panic on the stock markets … in the end that would suit no one."
And if the real facts on agriculture were to come out there would be panic in Costco…in the end that would suit no one.
Buckle your seat belts…