Shell predicts Peak Oil in 7 years

Regular blog readers will have heard me banging on about Peak Oil - and how while the Government still fails to recognise it at least more folk are accepting it - some experts say we reached Peak Oil last year - but here comes an announcement from Royal Dutch Shell that the World demand for oil and gas will outstrip supply within seven years.

Photo: Haresfield beech

The oil multinational is predicting that conventional supplies will not keep pace with soaring population growth and the rapid pace of economic development. Jeroen van der Veer, the boss of the world’s second-largest oil company, said in an e-mail to the company’s staff this week that output of conventional oil and gas was close to peaking. He wrote: “Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand.”

See The Times 25th Jan 2008 and see also more info here. Here in Stroud see the Transition Stroud blog for actions we are taking locally to prepare for Peak Oil.