Peely

Relax! There’s plenty of oil left in the ground. By 2030 conventional fossil fuels will still account for 80% of the world’s energy requirements. At least that’s the view espoused by Mark Nolan, chairman of Exxon-Mobil Australia. It is also the view of the US Department of Energy.

Now I’m not here to promote conspiracy theories, only to promulgate them. FN Arena attempts only to be an objective news service, providing food for thought. Lord knows I get into enough trouble for suggesting central bank gold price manipulation (based on the evidence collected by others), but then I’m lauded on the other side of the fence. It is with the credo of objective journalism in mind that I have delved into the great Peak Oil debate.

Put very simply, supporters of the peak oil theory believe the world’s supply of crude oil has passed its peak and will soon run out