Tuesday, August 21, 2012

IMF: Shale oil is a sign of desperation

We're still on the slippery slope to peak oil - opinion - 20 August 2012 - New Scientist: "The IMF paper also slays the belief that rising oil prices will liberate vast new supplies and vanquish peak oil. The team found that production growth has halved since 2005, and forecast that even the lower rate of growth will only be sustained if the oil price soars to $180 by 2020. "Our prediction of small further increases in world oil production comes at the expense of a near doubling, permanently, of real oil prices over the coming decade," write the authors. In this context, shale oil is not a "game-changer" but a sign of desperation. "We have to do these really expensive and really environmentally messy things just in order to stand still or grow a little," says Kumhof."

'via Blog this'

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