Remenber all the talk a couple of years ago about "peak oil"? Remember you how forgot all about it the minute that gasoline dipped back below $ 3 a gallon? Remember how you used to believe in the Easter Bunny and that the 2003-04 Red Sox weren't on steroids? Well. now a top official of the world's most credible energy authority is here to tell you that Santa Claus doesn't exist:
In an interview with The Independent, Dr Birol said that the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated.
But the first detailed assessment of more than 800 oil fields in the world, covering three quarters of global reserves, has found that most of the biggest fields have already peaked and that the rate of decline in oil production is now running at nearly twice the pace as calculated just two years ago. On top of this, there is a problem of chronic under-investment by oil-producing countries, a feature that is set to result in an "oil crunch" within the next five years which will jeopardise any hope of a recovery from the present global economic recession, he said.