A whistle-blower tells The Guardian that the IEA has been pressured to seriously exaggerate available oil reserves, as well as the ability to increase daily oil production.
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 it has been deliberately underplaying a looming shortage for fear of triggering panic buying.
More below the fold.
Terry MacAlister of The Guardian has an exclusive in today's paper that will increase worries around the world.
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."
Peak Oil is already here, which is why world leaders have suddenly begun seeing the light on alternative sources of energy. And also probably why the IEA was pressured to massage its public numbers.
For the US, this will have particular implications. The nation consumes a quarter of the global daily available oil and gas product. Yes, you read that right - 25% of the global daily production is needed to run the US in the manner it's used to.
"And the Americans fear the end of oil supremacy because it would threaten their power over access to oil resources," he added.
A second source inside the IEA tells MacAlister that it is acknowledged that the world has entered the Peak Oil Zone, but that it was "imperative not to anger the Americans."
Nothing new here, but the previous administration was adamant about suppressing the real story, as its policies completely failed to prepare for the Post-Peak realities.
Back in 2004, Colin Campbell of Total is quoted in the Guardian article as stating:
"If the real [oil reserve] figures were to come out there would be panic on the stock markets ... in the end that would suit no one."
The Guardian - Terry MacAlister: Key oil figures were distorted by US pressure, says whistleblower