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Yes, the world’s running out of oil; what’s new?

06/02/2008
The oil market seems to have panicked over the possibility that the end of oil availability has come into view.Market analysts have begun tingeing their comments with allusions to depletion, and industry celebrity T. Boone Pickens Jr. has declared supply can’t meet demand (OGJ Online, May 21, 2008).Fatih Birol, chief economist of the International Energy Agency, watered peak-oil weeds in the garden of comfort recently by telling the Wall Street Journal that his agency’s annual outlook, due in November, will include sharply reduced forecasts of supply.Prices of marker crudes increased as though the world had just now begun running out of oil, which it has been doing for a long ...
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