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 Business calls for urgent action on “oil crunch” threat to UK economy
London, 10 February, 2010: A group of leading business people today call for urgent action to prepare the UK for Peak Oil. The second report of the UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) finds that oil shortages, insecurity of supply and price volatility will destabilise economic, political and social activity potentially by 2015.
Branson warns that oil crunch is coming within five years UK Guardian article 7th February 2010
Peak Oil and Public Transport. ABC TV Stateline (WA), Dec 4th 2009. Story featuring Dr Jim Buckee, past President and CEO of Talisman Energy, ASPO, public transport, WA Minister for Transport
Brisbane Courier Mail summary of Macquarie and Guardian stories below (21 November 2009)
The UK Guardian: Nov 9th 2009 The world is much closer to running short of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it 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.
The Peak of the Oil Age - analyzing the world oil production Reference Scenario in World Energy Outlook 2008 by ASPO President Prof Kjell Aleklett and a team including Adelaide's Michael Lardelli
This paper details the errors in IEA analysis and their 25% overestimates of future oil production, as outlined in Prof Aleklett's tour of Australia in June. "In total, our analysis points to a world oil supply in 2030 of 75 Mb/d, some 26 Mb/d lower than the IEA predicts".
IEA output forecasts are 'outside reality': In a direct shot at the most widely followed estimates of future oil flows, a leading peak oil proponent said the International Energy Agency's supply projections are significantly inaccurate
The IEA World Energy Outlook 2009 was released in London 10th November. It offers nothing much new about oil production, and repeats the unsubstantiated claims made in WEO-2008, that are refuted clearly and simply by the Uppsala Global Energy Systems Group (above). They do provide free the chapter from WEO-2008 about global oil field decline rates. (here)
Peak oil expected in 2009: Macquarie
Spare capacity of 5.2 million bpd will be wiped out by 2012, Australian bank says Sep. 16, 2009 Peak oil supply will be hit this year after the economic crisis and low prices in the first quarter of 2009 slashed much needed investment, a senior executive at Australian investment bank Macquarie said.
“This is our view – capacity has pretty much peaked in the sense that declines equal new resources,” Iain Reid, head of European oil and gas research at Macquarie, told Reuters. (this was covered in North America papers, but not in Australia)
The allegations raise serious questions about the accuracy of the organisation's latest World Energy Outlook on oil demand and supply to be published tomorrow – which is used by the British and many other governments to help guide their wider energy and climate change policies.
In particular they question the prediction in the last World Economic Outlook, believed to be repeated again this year, that oil production can be raised from its current level of 83m barrels a day to 105m barrels. External critics have frequently argued that this cannot be substantiated by firm evidence and say the world has already passed its peak in oil production.
Now the "peak oil" theory is gaining support at the heart of the global energy establishment. "The IEA in 2005 was predicting oil supplies could rise as high as 120m barrels a day by 2030 although it was forced to reduce this gradually to 116m and then 105m last year," said the IEA source, who was unwilling to be identified for fear of reprisals inside the industry. "The 120m figure always was nonsense but even today's number is much higher than can be justified and the IEA knows this.
"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. And the Americans fear the end of oil supremacy because it would threaten their power over access to oil resources," he added.
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Oil Depletion Overview 
