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Life After the Oil Crash
Deal With Reality or Reality Will Deal With You
Editors Note: IEA Whistleblower Goes Public, Says Key Oil Figures Were Manipulated Upwards, World Has Much Less Oil Than Previously Thought
For anybody who may have missed yesterday's update, there's been pretty significant development in regards to Peak Oil that's worth drawing particular attention to. From yesterday's UK Guardian, emphasis mine:
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The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims [the agency] has been deliberately underplaying a looming shortage for fear of triggering panic buying.
The senior official claims the US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields while overplaying the chances of finding new reserves.
A bit later in the article:
"Many inside the organisation believe that maintaining oil supplies at even 90m to 95m barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further.
A second senior IEA source, who has now left but was also unwilling to give his name, said a key rule at the organisation was that it was "imperative not to anger the Americans" but the fact was that there was not as much oil in the world as had been admitted. "We have [already] entered the ‘peak oil’ zone. I think that the situation is really bad," he added. Source
We're discussing the Guardian article over at the LATOC Forum.
Today's Financial Collapse News:
Real Estate Collapse:
War on the Middle Class:
Wall Street Criminality:
Peak Oil, Energy:
Gold, Silver, Precious Metals:
Most Important Articles from Yesterday's Update:
Articles from the last few months worth a second look:
