IEA Outlook of 1998 and current # spin

The International Energy Agency was fully aware of Peak Oil some ten years ago. This agency is the main source of data used by governments and economists when quoting 'statistics' about our energy supply and economy. The policies of our lives are played out on these numbers.

Their World EnergyOutlook of 1998 showed that demand would outpace supply by 2010 unless the addition of "unidentified unconventional" energy was found. This which was a coded message for energy shortage. But when a journalist decoded it, their political leaders in the OECD (aka wealthy) Governments suppressed it such that the Unidentified Unconventional became Conventional Non-OPEC in the next issue.

Now the IEA has changed their tune. Tthe change of position reflects the need of the OECD Governments to have an IEA umbrella under which to face the uncomfortable reality which they can no longer ignore: oil trading above $100 a barrel and production in most countries is running at capacity. The key IEA phrase is : we should leave oil before it leaves us.