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Whistleblower Claims IEA Is Downplaying Peak Oil

Posted by kdawson on from the routine-denial dept.

Yesterday the Guardian ran a story based on two anonymous sources inside the International Energy Agency who claimed that the agency had distorted key figures on oil reserves. "The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the [IEA] 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." Today the IEA released its annual energy outlook and rejected the whistleblowers' charges. The Guardian has an editorial claiming that the economic establishment is too fearful to come clean on the reality of oil suppplies, and makes an analogy with the (marginalized, demonized) economists who warned of a coming economic collapse in 2007.

3 of 720 comments (clear)

  1. On the plus side! by fuzzyfuzzyfungus · · Score: 5, Funny

    We might manage to find some more oil if we all stick our heads far enough into the sand, that is basically where it lives...

    1. Re:On the plus side! by elrous0 · · Score: 5, Funny

      If my sources are correct, all we have to do is kill a bunch of dinosaurs then wait.

      --
      SJW: Someone who has run out of real oppression, and has to fake it.
  2. Re:If True, Fascinatingly Bizarre Logic by Anonymous Coward · · Score: 5, Funny

    People who bought oil future loose their shirts.

    Why? Did they get too hot?