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Peak Oil – just around the corner – Part 1

Posted by Matt Beer - September 5, 2011 - Energy, Level 2, Oil, Peak Oil, Peak Oil Level 2
0

From the ABC radio Science Show (Australia) a selection of extended interviews by Jonica Newby from her April 2011 Catalyst report on peak oil. Oil supplies are rapidly dwindling and demand is increasing leading analysts to warn of an impending oil crunch. The global oil supply has lost the equivalent of the volume of the North Sea oil reserve in 15 months. By 2014, supply is expected to fall short of demand. Other factors could bring that forward. Fatih Birol says the age of cheap oil is over and we all need to prepare ourselves for higher oil prices. Further he says no government is prepared for what lies ahead. Jeremy Leggett describes the oil crunch, when global supply fails to meet demand.

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