The world is much closer to running out of oil than official estimates admit – that’s according to International Energy Agency insiders who question recent predictions in the World Economic Outlook that oil production can be raised.
A recent article in The Guardian quotes one insider who alleges the US has been influential in encouraging the energy watchdog to underplay the rate of decline from existing oil fields because of fears such information will cause panic in financial markets. Another says the reality is we have already entered the “peak oil” zone.
Source www.guardian.co.uk
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