Environmental News Network (ENN)

World oil supply: peak or not peak?


Source: Environmental News Network (ENN)

(90-95% probability of recovery), Probable (50%) or Possible Reserves (5-10%) has heightened uncertainty and added impetus to the arguments of Peak Oil theorists and proponents.  Taken together with the sharp and sustained oil price rise, rapid industrial growth in places like China, India and other large developing countries, the rapid rise to political prominence of climate change mitigation and greenhouse gas emissions reduction efforts and associated incentives and incentives to promote alternative, renewable energy sources this has raised the uncertainty of demand for oil - and hence investment conditions — and put oil, and fossil fuel producers more generally, on the defensive. Looking at it cynically, you might say that they can cry all the way to the bank, at least for some time to come.

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