The Oil Drum are reporting that:
an email sent by Jeroen van der Veer, the CEO of Shell, to all Shell employees, and explicitly meant for wider distribution... is a clear acknowledgement of the reality of peak oil, climate change and of the need for comprehensive policy changes http://www.theoildrum.com/node/3548
The email includes:
Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand
The mitigating circumstance is that the demand will make it profitable for a number of years to invest in extracting the not-so-easy-to-access oil and gas. This is included in many graphs that estimate supply into the future. The number of oil wells that have been re-tapped since the price got above $80 a barrel would be evidence of that.
Of course, either way, the curve keeps going down at some point not too long from now. And its a wonder that people still refute the significance of diminishing supply when the oil industry itself has admitted it.
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