The Oil Drum: Investment in Oil Exploration and Production?

On November 7th, the International Energy Agency (IEA) released its World Energy Outlook 2006. At a press conference announcing the new report, the agency’s Executive Director was quoted as follows:

“The key word is urgency,” IEA director Claude Mandil told a press conference in London following release of the study. “Urgency for immediate policies and measures to promote energy efficiency and facilitate technology development … “On current trends, we are on course for an expensive and dirty energy system that will go from crisis to crisis. It can mean more supply disruptions, meteorological disasters or both. This energy future is not only unsustainable, but it is doomed to failure.”…”Governments can either accept such a future, or they can decide to come together to change course.”

Had the IEA changed its tune? A closer look at the report’s conclusions sends a mixed message.

Much more after the jump to The Oil Drum.