Part I: It’s the End of the Oil As We Know It…
Once a year, the International Energy Agency (IEA) releases its World Energy Outlook (WEO), and it’s our tradition here at ChrisMartenson.com to review it. A lot of articles have already been written on the WEO 2010 report, and I don’t wish to tread an already well-worn path, but the subject is just too important to leave relegate to a single week of attention.
Because some people will only read the first two paragraphs, let me get a couple of conclusions out right up front. You need to pay close attention to Peak Oil, and you need to begin adjusting, because it has already happened. The first conclusion is mine; the second belongs to the IEA.
Okay, it’s not quite as simple as that; there are a few complexities involved that require us to dig a bit deeper and to be sure our terms and definitions are clear so that we are talking about the same things.
But if we can simply distinguish between two types of “oil” (you’ll see why that term is in quotes in a second), the story becomes much easier to follow.