Calgary Herald: IEA Yedlin: Warning about an oil supply crunch
IEA Yedlin: Warning about an oil supply crunch
The IEA revisited its forecasts of last year, where it said the world needed to invest $1 trillion a year in order to ensure there would be enough supply to meet growing demand by 2030.
Now it is warning of a supply crunch that will start to be felt by 2012 as a result of the amount of money not being invested in exploring for and developing new oil supply. The biggest pull back in investment, it notes, is taking place in countries that are not members of the Organization of Petroleum Exporting Countries and in resources that are harder to bring on stream. And yes, Canada is highlighted as having been hit hardest, presumably because of the cost to develop the oil sands. v
Labels: IEA, Oil Reserves
