Published on May 8th, 2011 | by Zachary Shahan8
Oil Prices Will Continue to Rise, IEA Reports
May 8th, 2011 by Zachary Shahan
Peak oil is nothing new to us here. I’ve written on a German military report clearly stating that peak oil is already here and discussing the various concerns that poses for modern society. I’ve also written on peak oil discussions made public by WikiLeaks that showed that Saudi Arabia has a lot less oil than its been saying. And I’ve written on peak oil misconceptions and false solutions and the potential (or lack of potential) for technological solutions to solve the peak oil crisis.
The bottom line: while the world is never going to literally run out of oil, demand is increasingly outstripping supply. And what’s one clear result of that? The price of crude oil (and thus, gasoline) is going up, and it’s going to continue going up. The International Energy Agency just recently confirmed that for us (or, if ‘confirmed’ is too strong a word for you, told us exactly the same thing). Here’s more from our sister site, Gas2.org:
The International Energy Agency (IEA) was established in the wake of the 1973-74 oil crisis to ensure the uninterrupted supply of oil to industrialized nations. This autonomous agency now predicts oil prices will rise an additional 30% over the next three years.
The goal of the IEA organization is to monitor oil production and the international market for oil and other energy sectors. The IEA is a multi-government and independent monitoring agency based in Paris. Five years ago IEA stated that oil production will rise to 120 million barrels a day by the year 2030. Now the IEA is predicting the price of oil will increase by 30% over the following three years.
Now, this should really come as no surprise to us (heck, the CEO of Shell has said the same thing), and everyone (except oil company CEOs) should clearly be championing clean energy solutions (NOW), but you know how we are…
- Are Technological Solutions to Peak Oil Possible?
- Peak Oil: Misconceptions, False Solutions, and Real Opportunities
- WikiLeaks: Saudi’s Oil Reserves Overstated by Nearly 40%
- Peak Oil This Year, Leaked German Military Report Says
- Oil and Gas Industry Leads Global Corruption Index: US More Corrupt than Qatar