IEA warns of even bigger energy crisis to come
The International Energy Agency (IEA) released the full version of the summary report it put out last week. In it, the IEA reiterated its warning that shrinking global oil development stemming from the credit crunch and lower price of oil, is setting up the conditions for another supply shortage in the coming years.
The IEA report calls for massive new investment in oil development, warning that global energy demand will rise approximately 1.6% per year over the next 25 years. Not surprisingly, most of this increase in demand is seen coming from China and India. However, the report also noted that increased industrial development in the Middle East will also account for a substantial portion of demand growth.
How to ForceChange: Turn that 1.6% yearly growth in global oil demand into a yearly contraction, through a fundamental shift from oil to alternative fuels.
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