| The International Energy Agency (IEA) has provided an unrealistically high oil forecasts in its new 2012 World Energy Outlook (WEO) according to Gail Tverberg and reported in the Oil Voice Magazine of December 2012.
The IEA claims that the US will become the world’s largest oil producer by 2020 and will become a net oil exporter by 2030. One reason that the WEO 2012 estimates are unreasonable is because the oil prices shown are comparatively low relative to the production amounts forecast in the report. This is mainly because easy –to –produce oil becomes depleted and when more difficult reservoirs are tapped, the cost of extraction will increase...............................................Full Article: Source
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