It's Coming...
7/10/2007 06:56:00 AM | Author: baloghblog


If I could figure out how to get this blog to play the Jaws attack theme - da-DUNT.... da-DUNT. I'd do it. For some reason TPTB started letting peak oil out of the bag yesterday. Gone are the forecasts that pushed in 20-30 years out in to the future. The type that rang out "It's 2007 and alls well..."

Nope now we've gotten this:
World will face oil crunch ‘in five years’

By Javier Blas, Commodities Correspondent

Published: July 9 2007 13:25 | Last updated: July 9 2007 13:25

The world is facing an oil supply “crunch” within five years that will force up prices to record levels and increase the west’s dependence on oil cartel Opec, the industrialised countries’ energy watchdog has warned.

In its starkest warning yet on the world’s fuel outlook, the International Energy Agency said “oil looks extremely tight in five years time” and there are “prospects of even tighter natural gas markets at the turn of the decade”.

and this:

Oil experts see supply crisis in five years
By David Litterick in Chicago

Stormy outlook : oil producers will be unable to increase production in line with demand and prices cold soar

The International Energy Agency has predicted a supply crunch in the world's oil markets that could send prices soaring and place a severe dent in global growth.

In a report that painted a bleak outlook for the global economy, the IEA said spare capacity in oil production would dry up over the next five years, even as demand continues to jump significantly.

I thought that I'd feel a great sense of satisfaction at being vindicated about the timing and impact of peak oil. I figured I'd think to myself, I was there in the beginning writing and reading about this, getting prepared, learning about solutions, etc.

Last night, that wasn't what was on my mind though. I kept thinking, 5 years is a really short period of time. We better get a move on things.

More coming soon on my personal plans.

[pic via EGMbrooks]