Big Oil warns of coming energy crunch
FT: International oil companies have advertising campaigns warning that the world is running out of oil and calling on the public to help the industry do something about it.
The world's five largest energy groups generally maintain that oil projects are viable with the price at around $20 a barrel. But their advertising and some of their own statistics appear to tell a different story.
ExxonMobil, the world's largest energy group, said in a recent advertisement: "The world faces enormous energy challenges. There are no easy answers." And the companies' statistics back up the sentiment. In The Outlook for Energy: A 2030 View, the Texas-based company forecasts that oil production outside the Organisation of Petroleum Exporting Countries, the cartel that controls three-quarters of the world's oil reserves, will reach its peak in just five years. Read more
The world's five largest energy groups generally maintain that oil projects are viable with the price at around $20 a barrel. But their advertising and some of their own statistics appear to tell a different story.
ExxonMobil, the world's largest energy group, said in a recent advertisement: "The world faces enormous energy challenges. There are no easy answers." And the companies' statistics back up the sentiment. In The Outlook for Energy: A 2030 View, the Texas-based company forecasts that oil production outside the Organisation of Petroleum Exporting Countries, the cartel that controls three-quarters of the world's oil reserves, will reach its peak in just five years. Read more
posted by exoplanet at 7:48 PM
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