405. SUPPLY CRUNCH RECEDES
For the last few months the peak oilers have been terrorizing the newbies with the "looming supply crunch" due to lack of investment. Much of this was based on comments earlier this year by the IEA:
"Currently the demand is very low due to the very bad economic situation," [Nobuo Tanaka, the IEA's executive director] said. "But when the economy starts growing and recovery comes again in 2010 and onward, we may have another serious supply crunch if capital investment is not coming."However, this one has now bitten the bag like so many other peak oil scares over the years:
IEA sees global oil supply crunch risk recedeYet another case where the peak oilers relentlessly hype an anticipated threat, and provide no reporting at all when the threat evaporates.
Jun 29 2009
The world may escape an oil supply crisis for the next five years because a slow recovery from the economic downturn would hold down growth of demand, the International Energy Agency (IEA) said on Monday.
And in related news, the IEA just cut 3 million barrels per day for demand for the next four years: So Much for Chinese Demand (hat tip to Eric J. Fox)