Oil Demand to Exceed Supply by 2010
2002-08-30 : Houston, Texas --
A British energy consulting firm warns that excessive demand may impact supply as early as 2010, according to Oil & Gas Journal. Analysts at Douglas-Westwood Ltd., publishers of the ‘‘World Oil Supply Report'' say supply and demand may force an economic rebalance, with prices doubling or tripling in as many years. The report says known and estimated ‘yet to find' reserves will fail to meet even the present level of production, some 74 million barrels per day, beyond 2022, and growth in economic activity around the world will probably increase demand, bring the crunch point closer. The report says, "Clearly a major supply and demand imbalance is in prospect," and the beginning of the end of the oil age could be anticipated in the first quarter century of the new millennium. Two clear prospects of such an economic shift could be an increased emphasis on mass transit, and a shift to alternative and renewable fuels. -
http://www.calstart.org/calindex3.html