Tuesday, July 10, 2007

five years

That’s all we’ve got:

IEA warns of oil and gas crunch in five years

PARIS: The International Energy Agency warned Monday of the prospect of a global oil and gas crunch due to higher-than-expected demand and below-par supply from the Organization of Petroleum Exporting Countries and other suppliers.

"Not only does oil look extremely tight in five years time, but this coincides with the prospect of even tighter natural gas markets at the turn of the decade," the energy security watchdog for the 26-nation Organization for Economic Cooperation and Development said in an oil market report.

The Paris-based agency forecasts escalating global growth will cause spare capacity of the OPEC to fall to "uncomfortably low levels" — and non-OPEC countries will not pick up the slack. Supply increases from non-OPEC oil producers will start receding starting in 2009, the report says.

No additional commentary from me this time—the headline really says it all. Truly terrifying, actually.

Plus, how could I resist such an easy Bowie allusion?

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