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05 Aug 2009 02:08:04

Projected oil shortages could lead to worldwide energy crisis

Projected oil shortages could lead to worldwide energy crisis
Global migration from the use of fossil fuels to renewable energy shortages could be sped up by news that the world's oil supply is dangerously low.

An energy expert has warned that the earth is hurtling towards a catastrophe that could threaten economic recovery because most of its oil fields have now fallen past their peak production.

Speaking to the Independent, Dr Fatih Birol, chief economist at the International Energy Agency, warned that governments and industrial energy producers appear unwilling to recognise that oil is running out much faster than had previously been anticipated.

Urging governments to promote renewable energy and alternative fuels, he said: "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."

Dr Birol added that if demand continues to grow as expected, the world will need six producers with output equivalent to Saudi Arabia's if it is to keep up through to 2030.

Meanwhile, Jeremy Leggett, an entrepreneur at Solar Century, warned that the move to low-carbon sources of power remains critical, even if oil is running low, because many big producers intend to use tar or extract oil from coal, "very carbon-intensive processes [that] will deepen the climate problem".



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