The next oil shortage could be dramatic

According to a whistle blower at the International Energy Agency (IEA), the IEA, under pressure from the US, is trying to downplay how fast oilfields are being depleted while overplaying the chances of finding new reserves. This person is saying that the world is much closer to running out of oil than official estimates but the IEA is trying to prevent panic.

There are many in the oil industry who say world production has already reached its peak and is on its way down. In addition, once India and China return to normal growth rates they will put serious pressure on oil supplies. Some are predicting forced conservation including a reversal of globalization; curtailing long-distance commuting; growing food nearer where it's consumed; but apparently even this will not be enough.

In the accompanying image - we are sightly right of the red arrow. It's all downhill from here.