IEA worried over oil supply

Source: AP via YahooNews

PARIS - A leading global energy monitor said Thursday it is worried that demand for oil will outstrip world supply and is preparing a landmark revision of its closely watched forecasts.

The International Energy Agency is studying depletion rates at about 400 oil fields in its first-ever study of world oil supply, said chief economist Fatih Birol.

"We are entering a new world energy order, " Birol told The Associated Press.

Market analysts call the Paris-based IEA the world's most reliable independent source of oil information, and its new forecasts are likely to further upset markets. Oil prices hit an all-time high Thursday above $135 a barrel before falling back.


Read more: http://news.yahoo.com/s/ap/20080522/ap_on_bi_ge/iea_oil_supply;_ylt=Aq6BrJOkS9DPpa2paqvUf_qyBhIF

I'm worried that we are headed for a perfect storm of New World Order and with this latest news I am more worried than ever that Bush will attack Iran before he leaves office and that this may precipitate WWIII and cause a suspension in the Nov '08 GE because of the crisis he has created.

The Dems should have impeached him right after they won in '06 - now it's too late. They will have to shoulder part of the blame if this happens.

God Help Us!!!!!!!

Call me cynical but I'm guessing the IEA didn't decide to hold off reporting we're running out of oil sooner than they expected until after the US election all on their own.

fields that are difficult and expensive to get too. Oil is a finite resource. We should (have) be(en) treating it as such.

Just about every day they ride around in circles for hours, and all I can think of is "There goes the oil I saved car-pooling in the seventies" and "There goes the gas I didn't use when I rode the bike". It's...well, it's infuriating is what it is.

(with resepect to price action in markets). Price data is where supply/demand information is first discounted, and typically insiders know things before 'that particular information' leaks out into the general populace. Perhaps this is part of industry's response to the congressional hearings with the oil executives just yesterday: perhaps industry decided it was time to make this supply shortage public.

I sincerely hope our government gets serious about scaling up existing alternative energy, and funding more research into such things as boron fusion. Without such things as a living wage, most people are going to have great difficulty even buying new technology cars to replace their 25MPG gas guzzlers.

The world's most reliable independent source of oil information has been so far basing all its cornucopian predictions on the assumption (ie. the official dogma of flat-earth economism) that demand will allways create enough supply to meet it - forgetting conveniently basic physics.

So now - finally - they are taking a glance at the supply side of a limited resource. Big hip hip hooray. Too late, IEA, the peak happened allready...

My husband and I were talking about this last night. Manufacture a shortage to jack up the prices until there's nowhere to store the oil anymore.... and lo and behold, there's PLENTY of oil. It's crazy how that happens!

Gosh, right on top of things, they are.

:rofl:
True, dat!