"Peak oil" advocates blast U.S. industry study - Reuters

[Eugene]

Source: Reuters

CORRECTED: "Peak oil" advocates blast U.S. industry study
Fri Jul 13, 2007 2:05PM EDT

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By Chris Baltimore

WASHINGTON (Reuters) - Proponents of "peak oil" -- the theory
that global crude oil production has hit its zenith and is headed
for a steep decline -- are steamed with a U.S. oil industry group's
findings that the world has plenty of oil.

Next week the U.S. National Petroleum Council -- a board of high-
level U.S. oil industry executives -- releases its study titled
"Facing the Hard Truths about Energy," conducted at the behest
of Energy Secretary Sam Bodman.

According to the report's executive summary obtained by Reuters,
the world is not running out of oil but there are "accumulating
risks" to securing supply through 2030.

Peak oil theorists say such findings gloss over Bodman's request
to study the issue in detail.

"They've labored mightily and come up with a mouse," said Randy
Udall at the Association for the Study of Peak Oil and Gas, whose
group dismisses the report as "petro Prozac."

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Read more: http://www.reuters.com/article/environmentNews/idUSPAR36504820070713

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Related: Accumulating risks' to world energy supply-US NPC - Reuters