US pressure distorted oil figures, says whistleblower
Exclusive: Watchdog's estimates of reserves inflated says top official
The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying. The senior official claims the US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields while overplaying the chances of finding new reserves. The ... Full Story »
Posted by Mike LaBonte - via OneRiot, Alexis Madrigal, Tim O'Reilly, NewsRack (Energy), The Guardian (US), Alex Williams (f)
There is no way the world will ever exceed 90 mbpd for more than a few months, if ever.