Peak Oil News: How Long Will Cheap Oil Last?

Monday, November 29, 2004

How Long Will Cheap Oil Last?

National Geographic

Global thirst for crude oil keeps growing, despite the current high prices. Just how much oil does the world have left, and what will happen when demand begins to outstrip supply?

Last month the Paris-based International Energy Agency (IEA) released its World Energy Outlook 2004, a report detailing energy projections to 2030.

The outlook's central message was optimistic. "The Earth contains more than enough energy resources to meet demand for many decades to come," Claude Mandil, IEA's executive director, told assembled press. "The world is not running out of oil just yet."


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