The global financial crisis might have put it back a little, but peak oil is just three years away, according to the chair of Australia’s peak body for petroleum.
The Australian Petroleum Production and Exploration Association’s Eric Streitberg says peak oil is supply driven and new reserves are not being uncovered that can keep up with future demand..
He says a doubling or tripling of the current oil price is just around the corner.
“I’m expecting 2012, 2013, we’ll see the inevitable supply crunch and prices are going to start going up again,” he says.
“I can easily see $100 a barrel again, maybe up to $200, so I’d be getting your bicycle training in now.”
Eric Streitberg conducted a “hands-up” audience survey on Peak Oil during his talk at APPEA 2005 (1/3 thought we were at Peak, 1/3 not yet, 1/3rd undecided)