Last night Catalyst (ABC TV) had a special program called Oil Crunch. It was very interesting and the website has extended interviews. It included an interview with Dr Fatih Birol (the head of the International Energy Agency) who
just 5 years ago was confidently saying oil production will rise to 120 million barrels a day by 2030.
He now thinks that
the crude oil production has already peaked in 2006.
The show goes on to question the Agency’s prediction for oil production over the next 20 years because these predictions are based on
an extraction rate of oil that’s at least twice as high as anything that’s been historically done.
As we saw with the Deepwater horizon spill, much of the remaining oil is going to be harder to extract not easier. (As an aside, I am quite worried about the threat to the Arctic posed by oil drilling.)
There was also a story on AM (ABC radio) suggesting that the age of cheap oil is over and that
The International Energy Agency says government’s around the world need to rethink their reliance on oil.
I wonder when we will see signs that we are really listening.