The era of cheap oil is over and will never come back

Posted on May 25, 2011

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This morning on the radio show “Nine to Noon” in New Zealand, Carherine Walbridge interviewed Fatih Birol, chief economist at the International Energy Agency. He said “The era of cheap oil is over and will never come back”. Then he made a very strange statement when he claimed that the IEA was the first to warn of Peak Oil. He gave no credit to ASPO and all the things we have done over the years.

His most remarkable statement was about the future and oil production: “One thing is clear. In the next 20 years about 90% of the crude in the oil production need to come from five or six countries, Saudi Arabia, Iran, Iraq, Kuwait, and the United Arabs Emirates.”. As regards to oil prices, we should accustom ourselves to 120 dollars a barrel.

Listen and comment.

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