WHISTLEBLOWER: Peak Oil Being Covered Up by International Energy Agency

IEA Whistleblower Claims Agency’s Oil Supply Data is Exaggerated

Could we have already reached peak oil? According to a Monday report by the Guardian, the answer is yes. A whistleblower at the International Energy Agency spoke to the UK paper on the condition of anonymity, saying that the IEA has been “deliberately underplaying a looming shortage for fear of triggering buying panic.” He also added that the United States has been encouraging the distortions, asking the agency to downplay the lack of oil while overhyping the promise of new reserves.

Many governments rely on the IEA’s World Energy Outlook (the most recent version of which was released on Tuesday) to help predict energy trends and shape policy. The serious allegation of the IEA misrepresenting the facts raises obvious concern over the accuracy of the report, particularly the forecast that oil production will rise from 85 million barrels per day to 105 million barrels per day by 2030. According to the anonymous source within the IEA, “…today’s number is much higher than can be justified and the IEA knows this. Many inside the organization believe that maintaining oil supplies at even 90 million to 95 million barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further.”

[link to www.heatingoil.com]