Key oil figures were distorted by US pressure, says whistleblower

[7redorbs]

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.

The senior official claims the US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields while overplaying the chances of finding new reserves.

The allegations raise serious questions about the accuracy of the organisation's latest World Energy Outlook on oil demand and supply to be published tomorrow – which is used by the British and many other governments to help guide their wider energy and climate change policies.

Key oil figures were distorted by US pressure, says whistleblower

[Archangel]

There isn't much doubt about this, but what isn't generally understood is that we won't just "run out". What will happen is that production will decline, and we are starting to see that. As production declines the price will spike. That higher oil price will make exploration and extraction of more expensive to get hydrocarbons feasible, so the down curve will likely be expensive and protracted, with better margins for profit. It's doubtful that alternate energy technology will be able to cross the gap, resulting in a higher energy cost for every person, much to the glee of those industries and there shareholders. One must decide if the government is ignorant or complicit.

[7redorbs]

Yes, and presumably whoever pressured the EIA that the whistle-blower refers to as the US government is buying it in large amounts as to subject the market to exploitation, whether this is a truly government force remains to be seen. I hate to say it but it seems reminiscent of the innertia seen on the FTSE 100 in London this, I hope this isn't another Nathan Mayer Rothschild action in movement.

Truly scary stuff, I for one believe the George Green account. I don't know what investment bankers had to say about that a few years ago, but I can imagine they've changed their tune, dramatically.

A