Cheap-oil era is over

Now, just as the world economy slows and oil drops below US$50 a barrel, the IEA has released the most important report in its three-decade history, World Energy Outlook 2008. This report does something both very important and most amazingly unprecedented. It takes an extensive inventory of global oil supplies.

It would seem fairly logical that an organization responsible for tracking the global oil industry would as a matter of course, indeed of its very nature, take a close look at actual oil supplies every year, but this in fact has not been the case. For almost its entire existence, the IEA has quite unbelievably looked at demand and assumed supply would be there to meet it. 


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