Our Only Hope Lies in Forging a New Energy World Order

Telegraph – Although the price for July deliveries of Brent crude is over $70 a barrel, Lord Browne, BP’s chief executive, thinks prices will halve in the medium term. According to a recent interview, he believes large oilfields are still being found and Canada’s oil sands could be exploited.

Some hope. Already four-fifths of the world’s oil supply comes from fields discovered before 1970 and even finding a field as large as Ghawar in Saudi Arabia, the world’s largest, would only meet global demand for another 10 years.

Peak oil is the point at which oil production rises to its highest point before declining. Almost all expert opinion agrees that it is fast approaching, possibly within five years, almost certainly within 15, according to the former Saudi oil chief, Dr Sadad al-Husseini.
Telegraph