Breaking News: Not Enough Oil!

This just in from the International Department of No Freaking Clue: "there may not be enough oil out there to slake the world's thirst."

Who knew?

And you've got to love that "may not" qualifier. No one is sure yet, you see, but it is just possible that oil is exactly the same as every other natural resource and is not, in fact, infinite in supply. Not positive about that. Studies must be done first. Someone will get back to us on that.

The International Energy Agency (IEA) is preparing a new report that looks at depletion rates in about 400 oil fields in a "first of it's kind study".

First of it's kind? Really. M.K. Hubbert made his first predictions about peak oil and depletion rates in 1949 amd correctly predicted peak US oil production, which occured in 1970. Over four decades ago. And the IEA is just now realizing that depletion rates (they avoided the term peak oil) might be an issue?

The IEA predicts that we are "entering a new world energy order." Market analysts think that the IEA report could upset world oil markets and drive prices higher.

Hate to let the cat out of the bag, but we've already entered a new world energy order, and prices are going nowhere but up.

Welcome to reality everyone.