“[Peak oil] is a myth you will find reinforced in most newspapers every day… [that oil and gas are running out, and that we are walking towards the edge of the cliff.] I went into one bookshop here in London and found that there was a special display of 14 different books published over the last year with titles such as ‘The End of Oil’ and ‘Twilight in the Desert.’ The idea that oil is running out is simply untrue. There is no physical shortage of oil or gas. The reality is that the physical resource base is strong, and the amount which we can recover from that base is being expanded by technology all the time, …

The reality is that we have a serious problem. Unless the geologists succeed in finding new and so far unidentified provinces…we will all be dependent on supplies from just three areas – West Africa, Russia and, most important of all, the five states around the Persian Gulf, led by Iran, Iraq and Saudi Arabia.

The resources on which we are going to rely are closed to investment by any private company. The decisions on investment and production are controlled by Governments…which may not always be aligned with the interests of international consumers.”

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