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Weird reporting in the Observer today on the IEA’s upcoming study on the narrowing margin between oil demand and oil availability. Two snippets:

The International Energy Agency has ordered an inquiry into whether the world could run out of oil, The Observer has learnt.

Wow, hard hitting stuff from the IEA (and the Observer). I hadn’t realised it was possible that we wouldn’t run out of oil. Finite resource, projected exponential growth in demand. You might have thought it was a no brainer. I appreciate that there are some convincing arguments out there for why peak oil might still be several years off but I hadn’t realised there was anyone out there pushing the view that oil is infinite.

IEA researchers have warned that even if there is enough oil under the ground, which is probable, supply difficulties could emerge because national oil companies and Western multinationals have failed to invest sufficiently…

So the IEA says there is probably enough oil under the ground? Enough for what? To run the world forever? To avoid peak oil in 2012? What?

It’s just odd that the Observer would write in such a vague and useless way about a topic that’s tied for first on the end-of-the-world watch list.

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