The one thing depleting faster than oil is the credibility of those measuring it
The one thing depleting faster than oil is the credibility of those measuring it
The challenge of feeding billions of people as fuel supplies fall is staggering. And yet leaders’ heads remain stuck in the sand
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- guardian.co.uk, Monday 16 November 2009 20.30 GMT
- Article history
I don’t know when global oil supplies will start to decline. I do know that another resource has already peaked and gone into free fall: the credibility of the body that’s meant to assess them. Last week two whistleblowers from the International Energy Agency alleged that it has deliberately upgraded its estimate of the world’s oil supplies in order not to frighten the markets. Three days later, a paper published by researchers at Uppsala University in Sweden showed that the IEA’s forecasts must be wrong, because it assumes a rate of extraction that appears to be impossible. The agency’s assessment of the state of global oil supplies is beginning to look as reliable as Alan Greenspan’s blandishments about the health of the financial markets.

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