Those predictions were discarded. Now, we have a prediction from Dr Fatih Birol, the chief economist at the International Energy Agency (IEA) that oil is running out far faster than previously predicted and that global production is likely to peak in about 10 years.
"One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day. The earlier we start, the better, because all of our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously."
on Paul H. Jensen
on Ron Katznelson [SSRN]