UK Independent Newspaper: Oil Decline Starts in 10 years, Price Shock Next Year

The IEA's Chief Economist was interviewed by The Independent and says the oil peak will be in 10 years:

global production

is likely to peak in about 10 years – at least a decade earlier than most governments had estimated. … chronic under-investment [...] is set to result in an “oil crunch”

within the next five years which will jeopardise any hope of a reco

very from the present global economic recession … decline in oil production in existing fields is now running at 6.7 per cent a year compared to the 3.7 per cent decline [IEA] estimated in 2007 … “One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day,” Dr Birol said. “The earlier we start, the better, because all of

our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously”

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