Solution found to Global Warming

[<rms () computerbytesman com>]

It's called Peak Oil (http://en.wikipedia.org/wiki/Peak_oil) 

 

http://www.ft.com/cms/s/2d97d75a-2e0c-11dc-821c-0000779fd2ac.html

World will face oil crunch 'in five years'

By Javier Blas, Commodities Correspondent

Published: July 9 2007 13:25 | Last updated: July 9 2007 13:25

The world is facing an oil supply "crunch" within five years that will force
up prices to record levels and increase the west's dependence on oil cartel
Opec, the industrialised countries' energy watchdog has warned.

In its starkest warning yet on the world's fuel outlook, the International
Energy Agency said "oil looks extremely tight in five years time" and there
are "prospects of even tighter natural gas markets at the turn of the
decade".

The IEA said that supply was falling faster than expected in mature areas,
such as the North Sea or Mexico, while projects in new provinces such as the
Russian Far East, faced long delays. Meanwhile consumption is accelerating
on strong economic growth in emerging countries.

The problem is exacerbated by the fact that supply from non-members of the
Organisation of the Petroleum Exporting Countries will increase at an annual
pace of 1 per cent, or less than half the rate of the demand rise.

The widening gap between rising consumption and lagging non-Opec supply will
force Opec to sharply increase its production in the next five years.

Lawrence Eagles, head of the IEA's oil market division, told the Financial
Times: "If we get to the point were there is insufficient supply, the only
way to balance the market will be through higher prices and a drop in
demand."

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