Sunday, April 09, 2006

It Isn't Peak Oil, But It Still Looks Bad

If this Frenchman is correct, and he quite possibly is considering who he is, oil is going to be a problem soon. And, if the industry can't meet demand, you know what the price will do.
THE world lacks the means to produce enough oil to meet rising projections of demand for fuel over the next decade, according to Christophe de Margerie, head of exploration for Total and heir presumptive to the leadership of the French energy multinational.

The world is mistakenly focusing on oil reserves when the problem is capacity to produce oil, M de Margerie said in an interview with The Times. Forecasters, such as the International Energy Agency (IEA), have failed to consider the speed at which new resources can be brought into production, he believes.

Great, higher prices for oil and most probably even more wars over it. I'm still not so sure potable water won't become a crisis before oil, but we'll just have to see.


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