ApocaDocs: Global oil supply will peak in 2020, says energy agency

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Posted Mon Dec 15 2008: from Guardian (UK):


	Global oil supply will peak in 2020, says energy agency http://apocadocs.com/s.pl?1229350254 Global oil production will peak much earlier than expected amid a collapse in petroleum investment due to the credit crunch, one of the world's foremost experts has revealed. Fatih Birol, chief economist to the International Energy Agency, told the Guardian that conventional crude output could plateau in 2020, a development that was "not good news" for a world still heavily dependent on petroleum. The prediction came as oil companies from Saudi Arabia to Canada cut their capital expenditure on new projects in response to a fall in oil prices, moves that will further reduce supply in future.

[Read more stories about: oil issues, faster than expected, peak oil]

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'Doc Jim says:

My Hummer says the gas tank is full!