Guardian UK reports:
Now the "peak oil" theory is gaining support at the heart of the global energy establishment. "The IEA in 2005 was predicting oil supplies could rise as high as 120m barrels a day by 2030 although it was forced to reduce this gradually to 116m and then 105m last year," said the IEA source, who was unwilling to be identified for fear of reprisals inside the industry. "The 120m figure always was nonsense but even today's number is much higher than can be justified and the IEA knows this.
"Many inside the organisation believe that maintaining oil supplies at even 90m to 95m barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further. And the Americans fear the end of oil supremacy because it would threaten their power over access to oil resources," he added.
A second senior IEA source, who has now left but was also unwilling to give his name, said a key rule at the organisation was that it was "imperative not to anger the Americans" but the fact was that there was not as much oil in the world as had been admitted. "We have [already] entered the 'peak oil' zone. I think that the situation is really bad," he added.
I certainly wouldn't wish to spread panic, but Peak Oil is a very real problem, and it's going to hit us far sooner than anyone would wish. The impact on the global economy will be severe enough, without any serious movements towards a post-carbon future. For the United States, whose empire has been propped up by Petrodollars for 35 years, this is a looming catastrophe.
We need to get off the oil now. We need to get off the oil 25 years ago. But Reagan shifted this nation in the direction of big oil, global empire, and staggering debt. The Bush II/Cheney era was really just the logical end of those policies. It was shortsighted, reckless, greedy, and immensely stupid. And now we're left with a bankrupt, crumbling empire, dependant on smaller and smaller pools of black gold.
And yet, despite all the warnings, global oil demand continues to rise. This is sheer madness.