Just in case you missed it, this week an
article in the English newspaper The Guardian sent shock waves through the entire energy industry.
Basically, multiple anonymous IEA whistleblowers have reported that oil reserves and new discoveries are being grossly exaggerated to keep oil prices cheap.
One IEA source said,
"The fact is there is not as much oil in the world as has been admitted. I think the situation is really bad." Another anonymous IEA agent said that there was intense pressure from America to underplay the rate of decline from exsisting oil fields, adding that
"Americans fear the end of oil supremacy because it would threaten their power over access to oil resources."
In addition, Colin Campbell, a former executive with oil giant Total has said on the record,
"If the real oil reserve figures were to come out, there would be panic on the stock markets worldwide." This weeks news makes me think about why Warren Buffett's Berkshire Hathaway just bought Burlington Northern Santa Fe, the company that controls access to cheap clean coal in the Powder River Basin. It's because our access to cheap oil is coming to an end. Where else is American going to get the energy required to sustain our way of life?