| Oil Is Out Of Time | 13 June 14 |
Over the last decade, rising oil prices have been driven primarily by rising production costs. After the release of the IEA's World Energy Outlook last November, Deutsche Bank's former head of energy research Mark Lewis noted that massive levels of investment have corresponded to an ever declining rate of oil supply increase: "Over the past decade, the oil and gas industry's upstream investments have registered an astronomical increase, but these ever higher levels of capital expenditure have yielded ever smaller increases in the global oil supply. Even these have only been made possible by record high oil prices. This should be a reality check for those now hyping a new age of global oil abundance."
View June 10, 2014 The Guardian article |
|
 Print version |
Top |
