The head of oil giant Total has told the BBC the world could face a shortage of oil because of underinvestment.

http://news.bbc.co.uk/2/hi/business/8266200.stm

Chief executive Christophe de Margerie warned that too little has been spent trying to tap into new oil reserves because of the economic crisis.

"If we don't move [now] there will be a problem," Mr de Margerie said. "In two or three years it will be too late."

He also said he thought oil prices would rise to more than $100 a barrel, from their current level of around $70.

"The reserves of oil are there, but if you don't invest they don't come on the market," Mr de Margerie said.

"What we have to decide today is production for 2010-2015. So in between we might be faced with insufficient oil to meet demand." <MORE>

Coorangreeny,
thanks for that post, but I don't think you'll get an honest answer from RPG & sceptical friends. They won't be convinced by the data, as they have their "opinions!" Everyone bow before THEIR opinions!

RGP, I'm sorry I lost my temper with you a few pages back and I asked for those comments to be deleted. They were. So I've apologised for the offensive way I wrote and done something about it.

Yet unless you answer my 9 questions (yes, 9, I forgot that I added an extra question) your position in this thread is one of a hurt little boy who didn't win at cricket and took his bat and walked home.

"Opinions" don't matter as much as hard data. Where's yours on peak oil?

Here's 2 'quotes of the day' for you, from the peak oil wiki. (Which might help you answer the 9 peak oil questions).

Quote 1:
“ All the easy oil and gas in the world has pretty much been found. Now comes the harder work in finding and producing oil from more challenging environments and work areas. ”

— William J. Cummings, Exxon-Mobil company spokesman, December 2005[36]

Quote 2:
“ World reserves are confused and in fact inflated. Many of the so-called reserves are in fact resources. They're not delineated, they're not accessible, they’re not available for production ”

— Sadad I. Al Husseini, former VP of Aramco, presentation to the Oil and Money conference, October 2007.[7]

http://en.wikipedia.org/wiki/Peak_oil

RPG, good luck on the 9 questions. We're all waiting eagerly for you to find data that backs your opinion.