Running Out Of Oil ??

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I don't agree with this .. but here it is. ;-) Butch

 

DAILY EXPRESS: WE'LL BEGIN TO RUN OUT OF OIL WITHIN 7 YEARS Powered

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http://www.express.co.uk/posts/view/32789/We-ll-begin-to-run-out-of-

oil-within-7-years

 

POSTED: Saturday, January 26, 2008

FROM BLOG: Royal Dutch Shell plc.com - News and information on Royal

Dutch Shell Plc

 

The following blog post is from an independent writer and is not

connected with Reuters News. The opinions and views expressed herein

are those of the author and are not endorsed by Reuters.com.

 

Jeroen van der Veer, chief executive of Royal Dutch Shell

 

Saturday January 26,2008

By Graham Hiscott, Consumer Editor

 

DEMAND for oil and gas will outstrip supply within seven years, the

head of one of the world's biggest energy producers warned yesterday.

 

Jeroen van der Veer, chief executive of Royal Dutch Shell, predicts

conventional supplies will fail to keep pace with population growth

and booming economies.

 

The comments, from the boss of a multinational energy giant, will be

seen as a wake-up call to the world.

 

If proved correct, the shortages would have have devastating

consequences for almost everyone.

 

Oil and gas prices would soar, affecting everything from heating the

home and filling-up the car, to the cost of manufacturing and the

price of retail goods.

 

Mr van der Veer's comments came in a hard-hitting statement ahead of

the World Economic Forum in Davos, Switzerland.

 

He said: " After 2015, easily accessible supplies of oil and gas will

no longer keep up with demand. "

 

The world faced having to choose between two scenarios for the

future, he warned.

 

The first, which Shell calls Scramble, involves nations concentrating

on their own energy needs, paying little attention to energy

efficiency and continuing to pump out greenhouse gases.

 

The second, dubbed Blueprints, would see countries working together

to cut CO2 emissions through the use of taxes and better vehicle,

building and fuel design.

 

Mr van der Veer said: " Shell traditionally uses its scenarios to

prepare for the future without expressing a preference.

 

" But, faced with the need to manage climate risk for our investors

and our descendants, we believe the Blueprints outcome provides the

best balance between economy, energy and environment. "

 

Oil prices soared to a record US$100 dollars (£51) a barrel at the

end of 2007, with wholesale gas for this year also at an all-time

high.

 

Jeremy Nicholson, director of the Energy Intensive Users Council,

said: " It seems to be at the pessimistic end of predictions. However,

nobody is expecting the price of oil to go back to levels of a couple

of years ago when it was selling for around $20 (£10) a barrel.

 

" Worldwide demand is rising and supply can only increase at a certain

rate.

 

" Even when you find new deposits of oil and gas, it takes time to put

them into production. And that's without the problem of a shortage of

refinery capacity.

 

" If his comments are proved correct, you could see the cost of oil

soaring above $100 a barrel because the only way to bring supply and

demand into line is to choke off demand. "

 

Simon Wardell, senior energy analyst at Global Insight, said: " The

prediction could well be true if we were to rely on conventional

sources of oil.

 

" However, there are unconventional sources and things like bio-fuels

that could act as substitutes. "

 

Nick Rau, energy campaigner at Friends Of The Earth, rejected Shell's

backing for nuclear power but welcomed Mr van der Veer's call for

action.

 

He said: " At least they are acknowledging that oil reserves are

decreasing. "