According to the Telegraph : ” The world’s oil reserves have been exaggerated by up to a third, according to Sir David King, the Government’s former chief scientist, who has warned of shortages and price spikes within years.”
” The scientist and researchers from Oxford University argue that official figures are inflated because member countries of the oil cartel, OPEC, over-reported reserves in the 1980s when competing for global market share. “
This is not a surprise as I have already reported that peak oil could occur faster than previously thought and that even it may already have occured. This is one of the main reasons why we need green jobs.