If oil shares and anything related to oil to get a pop this morning, this may explain it:
There is a report from the Guardian that a “whistleblower” from the IEA claims that that organization has been, for years, over-reporting the estimates of oil reserves around the world under pressure from the US government. This revelation is timed well as the ‘World Energy Outlook’ is being released tomorrow. Now it is under a shadow of suspicion. As is the OPEC calculated spare capacity.
The IEA in 2005 was predicting oil supplies could rise as high as 120m barrels a day by 2030 although it was forced to reduce this gradually to 116m and then 105m last year
I can just picture the peak oil theorists dancing in the streets right now. But before I join them, I’d prefer to see some sort of evidence to support this. I know that is a tall order but considering what is at stake, it isn’t too much to ask that we rely on more than just the word of an anonymous source.
Don’t get me wrong, this is definitely within the realm of possibility. After all, what better way to prevent panic than by pretending there is nothing to panic about?
Unfortunately, getting to the bottom of this is simply impossible. There are too many different agendas over too many international boundary lines. Just think, if we can’t get to the bottom of the manipulated oil futures markets in the US, what hope do we have of policing the books of oil producing countries and making sure that they are stating their reserves accurately?
This news is great marketing for a new documentary style film featuring Michael Ruppert, called “Collapse”. As the name suggests it is about the imminent collapse of our modern world due to dwindling oil reserves - the main source of energy for almost everything that we rely on.
Here is a short clip from “Collapse”:
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