Fatih Birol, the chief economist for the IEA (don't you love the alphabet soup of acronyms in the energy biz?; International Energy Agency) was quoted Thursday in the online Wall Street Journal as saying that the "oil investments might be much, much higher than what people assume. This is a dangerous situation"
No shit sherlock!
much, much?
Your honor I object. Denied. I strenuously object.
much higher. Much, much higher. Hmmm.....
The great and powerful Oz, I mean the IEA, has already spoken on the Peak Oil issue. They told us that the world's supply could meet the rising demand. They told us that it would go from 87 million barrels per day to 116 Mbpd in the year of our lord 2030.
But now, apparently, the IEA is conducting a new "study" of the world's 400 biggest oilfields and is scheduled to release the info in November 2008. Sounds great. It's about time we got some better info.
Dangerous situation? How about catastrophic situation? Global crisis? Here we come.
The question is, where is all the money going to come from to invest in the development of all those oilfields? Abu Dhabi? Gazprom? China's sovereign fund?
I find it interesting that information is again the problem. Just this week the oil traders freaked out when the inventory information turned out to be wrong.
Didn't Matthew Simmons already suggest that the system of gathering data on oil inventories was broken and needed fixing? And now we are told that The IEA is trying to get better info about all these oilfields. Hmmm....
Lucy! You got some 'splainin' to do!
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