By Angela Charlton, Associated Press
May 23, 2008
PARIS, France – A leading global energy monitor fears there may not be enough oil out there to slake the world’s thirst — and is preparing a landmark forecast that could reverberate through the global economy even as major companies announce fuel-related cutbacks.
The International Energy Agency (IEA) study was prompted by concern about volatile world oil markets and uncertainty about supplies.
The International Energy Agency is studying depletion rates at about 400 oil fields in a first-of-its-kind study of world oil supply, chief economist Fatih Birol said.
“We are entering a new world energy order, ” Birol told The Associated Press.
Market analysts call the Paris-based IEA the world’s most reliable independent source of oil information and welcomed its decision to undertake a deep study of oil supplies.
But the IEA’s new forecasts are likely to further upset markets. Oil prices hit an all-time high Thursday above $135 a barrel before falling back.
Link to story.
The Hunger Site
May 23, 2008 at 10:41 am
I’m always amazed that in these stories about pretoleum depletion, global climate change and habitat destruction are never mentioned. As much as we hate to admit it, higher prices due to shrinking petroleum supplies is good for the planet — because it forces everyone of us to reduce our energy use and therefore our carbon footprint. Bill Maher got it right on his show (“Real Time with Bill Maher”) a few Fridays ago:
Friday, April 25:
MAHER: So, how about this? Bush made a speech today. He was talking about getting your stimulus check back to you. And he said, you know, you can use it on gas, because gas is now so high. [he laughs] [laughter] Which I think is so funny, because you give your money to the government, and then the government gives it back to you, and you give it to the oil companies, which is the government—[laughter]—or at least the people who put the government in power. It does seem like a vicious circle that’s only screwing all of us. Okay. [applause] Let me ask about – no, no, go ahead.
SHANDLING: Okay. How high—[Bill laughs]—how high do gas prices have to get, according to the Bible, for it technically to be the end of the world? [laughter] [applause] [cheers] You didn’t want me – is that it?
MAHER: [overlapping] No, I just thought—
SHANDLING: [overlapping] Want to wait?
MAHER: [overlapping]—when you started to say, “How highâ€â€”
SHANDLING: [overlapping] “How high,†you knew where I was – you thought I was going a different way? [laughter]
MAHER: [overlapping] I very much thought it was—
SHANDLING: [overlapping] No, I mean, really. I mean, is it going to be six dollars a gallon before…
MAHER: Well, let’s be honest. If it is, it’s better for the environment.
SHANDLING: It’s better for the environment. [applause]
MAHER: I hate to say it.