Back to the peak oil debate. We could reach peak oil much faster than predicted, according to Sir David King, the British Government’s former chief scientist, who has warned of shortages and price spikes within years.
King argues that the world’s oil reserves have been exaggerated by up to a third.  

Under huge political pressure, Saudi Arabia will raise oil production to record levels by pumping an extra half-a-million barrels of oil a day, bringing their production to 9.7 million barrels a day.
That would be a rise of 550,000 bpd or over 6 percent since May and would take Saudi crude output to its [...]

“We’re not running out of hydrocarbons,” insists Tony Hayward, the baby-faced boss of global oil giant BP.
To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy”, released this week.

Soaring oil prices, talk of peak oil… there is really nothing to worry about says a former oil man who claims that there is over twice as much oil in the ground as major producers say.
Although it is widely assumed that the world has reached a point where oil production has peaked this idea is [...]

Happy Environment Day, story number three. The record oil price could cause a second oil boom in the North Sea. The popular view is that the UK’s share of the North Sea is in decline, with energy reserves diminishing rapidly about 35 years after the oilfields were first exploited.
However, there is a growing body [...]