NPC Report Makes First Peak Oil Concession

National Petroleum Council's July 18, 2007 report see world oil and natural-gas supplies unlikely to keep up with rising demand over the next 25 years, resulting in higher energy costs.

Published: 18-Jul-2007

World oil and gas supplies from conventional sources are unlikely to keep up with rising global demand over the next 25 years, the U.S. petroleum industry says in a draft report of a study commissioned by the government.

In the draft report, oil-industry leaders acknowledge the world will need to develop all the supplemental sources of energy it can -- ranging from biofuels to nuclear power to oil extracted by unconventional means from the oil sands of Canada -- to meet soaring demand. The surge in demand is expected to arise from rapid economic growth in such fast-developing countries as China and India, as well as mounting consumption in the U.S., the world's biggest energy market.

The findings suggest that, far from being temporary, high energy prices are likely for decades to come.

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