In a recent post from the blog over at LiveScience.com, The International Energy Agency (IEA), who advises many industrialized nations, said “oil looks extremely tight in five years time.”
Why is this happening s fast?
Well with China and India growing at such a rapid pace, the demand for oil based fuels has drastically increased, making it very nearly impossible to keep supplying this increasing demand. Now there has been talk of peak oil for quite some time, but it is generally dismissed and met with a lot of skepticism, however, this announcement from the IEA (an economic group) has actually got the attention of the industry. The IEA also reported that the supply from many of the mature oil fields has dropped and with the rapid increase in demand, this spells disaster.
This just further strengthens the environmentalist argument that we must wean ourselves from oil. Of course we will never be an oil free nation; however with all of the new forms of alternative energies and alternative fuels, we should be able to drastically reduce our consumption rate. And with these new findings and predictions of the IEA, maybe the big oil companies won’t be pulling as many strings in congress to give alternative energy companies a hard time.