28 November 2010
The IEA (International Energy Agency) is the mouth peace of the world's political and corporate leadership. Every year it releases a report on the world's energy outlook. This graph below is from that report. I have added two graphic notes. The first is to point to the area of "fields not found". Colin Campbell (Peak Oil Elder) has proved that this is really a coded word for shortage. Also, notice the growth in "unconventional oil" such as tar sands and coal to oil is, as a percentage, very small and also on a side note very expensive.
For the first time ever the IEA is acknowledging PEAK OIL. As you can see from their graph we are just past it. One thing to remember is this is about the big picture. Whether peak oil has happened or will happen in the next few years, the big overall take away is " ACT NOW OR REACT LATER"