The most interesting message in this year’s World Energy Outlook from the International Energy Agency is also its most disturbing.
Over the past decade, the oil and gas industry’s upstream investments have registered an astronomical increase, but these ever higher levels of capital expenditure have yielded ever smaller increases in the global oil supply. Even these have only been made possible by record high oil prices. This should be a reality check for those now hyping a new age of global oil abundance. (Read more… http://www.ft.com/intl/cms/s/0/5e923e3a-51d3-11e3-8c42-00144feabdc0.html#axzz2lgXhGWbg)
(English, Article, 2013)