Oil supplies running out faster than predicted

Most of the worlds oil fields have passed their peak production and will lead to rapid increases in demand and prices within ten years.

Leading energy economist Dr Faith Birol has warned that the situation of oil in the world today is dire. Dr Birol has been speaking out against recent speculation that oil supplies are going to peak in twenty years, saying that evidence proves this will happen in less than half the anticipated time.

What are the implications? This new outlook is going to put extra pressure on oil prices in next years to come, resulting in rapid price upsurge similar to one we all have experienced during summer 2008. Higher oil prices are also bound to have severe impact on prices of all heating fuels derived from oil, making heating oil and LPG too risky to be considered as a reliable way of heating.

The solution? Opt for sustainable biomass heating systems, choose Evergreen Ecosystems.

The full article is available on The Independent website.