According to the Telegraph : ” The world’s oil reserves have been exaggerated by up to a third, according to Sir David King, the Government’s former chief scientist, who has warned of shortages and price spikes within years.”
” The scientist and researchers from Oxford University argue that official figures are inflated because member countries of the oil cartel, OPEC, over-reported reserves in the 1980s when competing for global market share. “
This is not a surprise as I have already reported that peak oil could occur faster than previously thought and that even it may already have occured. This is one of the main reasons why we need green jobs.
To the Guardian : " The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in show. The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi…
When one thinks of the Middle East nowadays, oil comes to mind. But with solar photovoltaic booming right now all around the region and beyond, this might not be the case in twenty or thirty years. Iran The country recently made the headlines by announcing its willingness to invest $3 billion to…
During the financial crisis in late 2008, oil prices went down from $147 to $33 in just a few months. However, oil prices soon went up as they increased by 78 percent last year. This is the largest yearly increase in a decade. There are more and more concerns that…
According to the Telegraph : ” The world’s oil reserves have been exaggerated by up to a third, according to Sir David King, the Government’s former chief scientist, who has warned of shortages and price spikes within years.”
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