Is the world's oil running out fast?
By Adam Porter
at the Peak Oil conference in
Berlin
If you think oil prices are high at $40 a barrel then wait till they are
four times that much.
How will you pay to run your car? How will you get the children to school?
How will you heat your house? How much will transported food go up in price?
How will we pay for plastics, metals, rubber, cheap flights, Simpson's DVDs,
3G phones and everlasting economic growth?
The basic answer is, we won't.
This is the message from the Association for the Study of Peak Oil (ASPO).
The group of oil executives, geologists, investment bankers, academics and
others has been warning the world of high oil prices, and the ensuing fallout,
for some years now.
The end of cheap oil
It includes a diverse range of oil industry insiders.
People like Ali Bakhtiari, head of strategic planning at Iran's National Oil
Company (NOIC), Dr Colin Campbell, a former executive vice president of
Total-Fina, and Matthew Simmons, an energy investment banker and adviser to the
controversial Bush-Cheney energy plan.
They are united by one idea, that global oil production is about to peak,
which in turn will signal the permanent end of cheap oil.
And they warn that this is the foundation of the current rise in oil prices.
[snip]
Read the entire story from the BBC
NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/3777413.stm
Published:
2004/06/07 07:41:05 GMT
© BBC MMIV
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