So-Called International Watchdog Yields to US

It seems the world is much closer to exhausting all oil reserves than recent reports have claimed. A senior official of the International Energy Agency (IEA) has made claim that the US has applied pressure to distort the facts so that prices will not alter due to panic buying.

[It was] imperative not to anger the Americans  - IEA Official

A second official with the IEA revealed that "We have [already] entered the 'peak oil' zone. I think that the situation is really bad". Which may be true since many goverments have often looked to the IEA numbers rather the reports from their own internal agencies.

If the real [oil reserve] figures were to come out there would be panic on the stock markets … in the end that would suit no one  - Colin Campbell, former Total of France Executive

The UK ignored their very own UK Energy Research Centre (UKERC) last month when they released a report stating that "worldwide production of conventionally extracted oil could "peak" and go into terminal decline before 2020".

Read More HERE @ Guardian.co.uk