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BLDP 2.710+1.1%Nov 21 9:30 AM EST
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To: Thomas Stewart who wrote (3177)10/17/1998 11:46:00 AM
From: Thomas Stewart  Read Replies (1) of 5827
 
Quoting two paragraphs from the previously cited Barron's article hopefully does not amount to "re-publishing."

"The two geologists were so convincing that the IEA dropped a generation-old view that held oil discoveries to be merely a function of price -- that is, the higher the price the more oil will be found. Last March, at the Moscow summit of the Group of Eight major industrial nations, the IEA presented its own paper to the national leaders accepting the Campbell-Laherrere view that
sometime between 2010 and 2020 the crisis will be upon
us full blast. The Campbell-Laherrere analysis also cut
the reserve of oil currently known to be in the ground to
about 850 billion barrels."

Since then, others have joined in the public debate.
Recently, Franco Bernabe, chief executive of the Italian
oil company ENI SpA, has given a series of interviews in
which he moved the doomsday clock forward to between
2000 and 2005. He forecast that today's world price
for a barrel of oil would soon begin to rise from its $15
base and quickly pass the $30 mark. He forecast that
both the British and Norwegian sides of the North Sea
will begin to see production declines within three years.
The United States passed its peak (even with Alaska)
long ago. Left open for argument is the amount of new oil
left to be discovered in the Third World."
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