Wednesday, May 25, 2005

ExxonMobil calls a peak

ExxonMobil's executives have been reassuring the world that there will be plenty of oil to meet demand for decades to come. Now, they seem to have changed their minds. They now believe non-OPEC production will soon peak and say that OPEC production will have to rise by one million barrels a day each year after 2010 to meet demand, according to a study released by the company. That's equivalent to a new Algeria each year. They expect nothing from oil shale through 2030 and only 3 percent of demand to be met from Canada's oil sands.

ExxonMobil has traditionally been the biggest defender of the cornucopian idea in the oilfields. In this latest report they are even touting fuel efficiency as a necessary measure to moderate demand. Will the stodgiest of all oil companies be talking about alternative energy by this time next year?

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