Want to scare yourself? Here’s a Wall Street Journal article about world oil supplies that should do the trick.
As Carole Richardson in our office pointed out, there are some interesting items in this article:
– Just a few years ago, the “Peak Oil” concept was dismissed by the oil industry as a wing-nut theory, but there are a growing number of people in the industry who are embracing the theory now.
– The US Energy Department is doing their own study of world oil supply. The article says they should be done this summer. I’m curious to see if their study will corroborate what this article says.
So what’s your opinion? Is this a scare tactic on the part of the International Energy Agency or do you believe it’s true, Future crude supplies could be far tighter than previously thought? Or, is the truth somewhere in the middle?