Peak Oil News: Take an oil price over $40 - then quadruple it

Saturday, June 12, 2004

Take an oil price over $40 - then quadruple it

Wall Street Life

This week there was a Peak Oil conference in Berlin, a gathering of worrywarts wearing metaphorical "we are doomed" placards.

One unusual attendee was Fatih Birol, the chief economist of the International Energy Agency, who gave a speech saying that everything is fine, before admitting afterwards to a BBC reporter that everything is not. "This is not for the press," he said, after blurting out that the Saudis need to increase supply by 3m barrels a day to avert an oil crisis by the end of the year.


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