The Peak Oil Crisis: Our Government Forecasts the Future

Falls Church News-Press – Last week the US Government released the International Energy Outlook 2006 (IEO). As it has been doing annually since 1985, the Energy Information Administration uses this document to expound its view of world energy supply and demand for the next 25 years.

Unfortunately, however, from a peak-oil-is-imminent perspective, one is forced to say that many of this report’s projections are so far from reality that the EIA must be talking about some other world. Early on the report makes it clear the government is not buying into imminent “peak oil.” While acknowledging that oil prices have been climbing rather unexpectedly in recent years, the report places the blame on the lack of sufficient investment by the “oil rich” countries to increase production and not on any shortage of supply.
Falls Church News-Press