World oil reserves may not last as long as some had originally predicted. This, according to several unnamed sources connected to the International Energy Agency, as reported by the Guardian Newspaper in the UK. One source within the agency along with one who is no longer there, say the IEA has downplayed the oil deficiency so they would not create a panic.
In addition, the mole currently working at the IEA [who is considered a senior level official who spoke on the condition of anonymity], claims the agency’s unwillingness to disclose factual information regarding oil reserves has been due to pressure placed on it by American officials.
The assertions being made put under scrutiny the IEA forecast concerning oil production that could be increased from today’s eighty three million barrels per day to one hundred five million barrels each day in order to target a rise in demand that is likely as the world sputters out of a recession.
When observed from a different perspective, the information leaked from within the IEA, as it introduced its 2009 World Energy Outlook recently, adds credibility to what critics have been telling the world regarding the looming peak oil crisis.
According to the Report, people within the Agency consider that simply maintaining oil levels at just ninety million barrels daily would be unattainable, but there are real fears of panic causing the financial markets to suffer further losses. The United States specifically fears the conclusion of oil supremacy as it would curb their power over accessible oil supplies.
One of the moles said that the world by now has entered the “peal oil” levels and the situation is really quite bad. The report from the IEA is not without bad news altogether. A closer look at the report displays that the IEA is forecasting an increase in oil demand from 85 million barrels daily in 2008 to 105 million barrels daily by 2030, the transportation industry alone totaling ninety seven percent of that rise in oil production levels.
Declining financial speculation in fossil fuel energy in general is going to have extensive and based on how governments reply, grim impending consequences on overall energy guardianship, climate change, and energy poverty. An extended decline in investment pressures constraints to capacity development in the midterm, chiefly for projects requiring lengthy lead times, which will take their chances on a supply deficit.
The IEA account goes on to warn of the importance for world politicos to come up with a treaty as soon as possible, preferably at the Copenhagen summit that will reduce greenhouse gas production. Their needs to be a consensus on the planet wide levels to be set at 450 ppm of carbon into the atmosphere rather than what is beginning to look like an agreement on 350 ppm.
What is required is a global requirement for more efficient use of energy and carbon levels need to decrease across the map. The report goes on to say that in the year 2030, the fossil fuel usage will remain the most widely used for of energy worldwide, with coal being the exemption.
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