Demand for oil predicted to outstrip supply within 5 years

NEW ZEALAND – Oil reserves are running out even faster than previously predicted.

For the last 30 years they have said oil reserves are not in crisis now in a massive u-turn, the International Energy Agency says demand driven by exponential growth will outstrip supply within 3 to 5 years.



The government is putting plans for increased roading into top gear nationwide but the Greens say we are driving in the wrong direction.

The report makes depressing reading with worldwide oil consumption expected to increase from 86 to 95 billion barrels a day, current oil supplies simply will not be able to satisfy demand from a world economy expanding by nearly 5 percent a year when production starts to tails off from 2010.

TV3 (includes video)