Energy is significantly underpriced in many parts of the world, leading to wasteful consumption, price volatility and fuel smuggling. It's also undermining the competitiveness of renewables.
There are many disturbing news. We believe that the production of conventional petroleum reached peak oil already in 2006. The oil fields in the North Sea and the US are collapsing ... time is running out.
We are on the brink of a new energy order. Over the next few decades, our reserves of oil will start to run out and it is imperative that governments in both producing and consuming nations prepare now for that time. We should not cling to crude down to the last drop – we should leave oil before it leaves us. That means new approaches must be found soon..... The really important thing is that even though we are not yet running out of oil, we are running out of time.
Energy markets can be thought of as suffering from appendicitis due to fossil fuel subsidies. They need to be removed for a healthy energy economy.
We are on track for a 3.5 deg C rise by 2040 (i.e. 4.2 deg C relative to pre-industrial)... When I look at this data, the trend is perfectly in line with a temperature increase of 6 degrees Celsius, which would have devastating consequences for the planet. We have 5 years to change the energy system, or have it changed
We need a universally accepted definition of reserves reporting.
Just 8% of the $409bn spent on fossil-fuel subsidies in 2010 went to the poorest 20% of the population.
If production does not increase in Iraq in an exponential way between now and 2015, we have a very big problem, even if Saudi Arabia meets its obligations. The figures are very simple, you do not need to be an expert. It is enough to know how to do a subtraction. China will grow very quickly, India also, and even Saudi Arabia projections of the 3 Mb/day will not be enough to meet the rise of Chinese demand.
