110. IEA DISMISSES EARLY PEAK HYPE
The International Energy Agency (IEA) has gone on record stating that the early peak theory is hype :
IEA Dismisses Peak Oil Talk, Says Technology Can Boost Reserves
Sept. 22 (Bloomberg) -- The International Energy Agency said technological investments will expand world oil supplies, dismissing "peak oil'' theories that supplies are running out.
"There is no shortage of oil and gas in the ground, but quenching the world's thirst for them will call for major investment in modern technologies,'' IEA Executive Director Claude Mandil said in a statement marking the publication of a 150-page book "Resources to Reserves, Oil and Gas Technologies for the Energy Markets of the Future.''
At least $5 trillion in investment will be needed in the next three decades to tap reserves, the IEA said, repeating a figure it has already used. The IEA has never before directly responded to "peak oil'' theorists who say the agency is overly optimistic about estimates of increased production.
"The hydrocarbon resources in place around the world are sufficiently abundant to sustain likely growth in the global energy system for the foreseeable future,'' the IEA said in its report. "The doomsayers are again conveying grim messages through the front pages of major newspapers. The IEA has long maintained that none of this is cause for concern.''Source