Oil still has us over a barrel

Jeremy Leggett, CEO of SolarCentury, one of the 2008 Ashden Awards winners, speaks out in his regular column for The Guardian about his concerns over peak oil and puts the latest oil finds in the Gulf of Mexico and other areas of the world into perspective. Based on an oilfield-by-oilfield study by the International Energy Agency (IEA), he argues that oil supplies are still depleting at an alarming rate, at a time when demand is also increasing, particularly in countries like India and China: “the IEA sees the potential for a global oil-supply crunch within just five years”.

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