Whistleblower Says IEA Inflating Oil Resources to Avoid Panic

Score another point for peak oil proponents...  Whistleblowers at the International Energy Agency (IEA) have told the Guardian newspaper (U.K.) that current oil inventories are being inflated to deter panic buying in a peak oil world.  The U.S. apparently was a key proponent of the scheme.

"Many inside the organisation believe that maintaining oil supplies at even 90m to 95m barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further. And the Americans fear the end of oil supremacy because it would threaten their power over access to oil resources," he added.

A second senior IEA source, who has now left but was also unwilling to give his name, said a key rule at the organisation was that it was "imperative not to anger the Americans" but the fact was that there was not as much oil in the world as had been admitted. "We have [already] entered the 'peak oil' zone. I think that the situation is really bad," he added.

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