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Monday, March 22, 2010

Reserves exagerated by one-third; price spikes by 2014

According to the UK government’s former chief scientist, oil reserves have been massively over estimated for years – by up to one-third - and demand will likely outstrip supply as soon as 2014.

According to an item printed in the UK Daily Telegraph, Sir David King (left) – who was head of the Government Office for Science from October 2000 to 31 December 2007 – is warning of “shortages and price spikes within years.” This states:
The scientist and researchers from Oxford University argue that official figures are inflated because member countries of the oil cartel, OPEC, over-reported reserves in the 1980s when competing for global market share.

Their new research argues that estimates of conventional reserves should be downgraded from 1,150bn to 1,350bn barrels to between 850bn and 900bn barrels and claims that demand may outstrip supply as early as 2014.

The researchers claim it is an open secret that OPEC is likely to have inflated its reserves, but that the International Energy Agency (IEA), BP, the Energy Information Administration and World Oil do not take this into account in their statistics.

1 comment:

  1. After recent events involving the British scientists falsifying documents and the Daily Telegraph being directly linked to that through a recent Chancellor of the Exchequer internal investigation and an independent investigation by the Hobart Group...I take what the British scientists say with a grain of salt.

    True or not, because of those recent events I take it all with a grain of salt.

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