$1.5 trillion a year to keep energy flowing: IEA

[FarCenter]

The energy industry needs $38 trillion (27 trillion euros) in investment by 2035 as it becomes increasingly difficult -- and costly -- to extract fuel, the International Energy Agency said Tuesday.

The figure, equal to $1.5 trillion a year, is about 15 percent higher than the IEA's previous forecast, chief economist Fatih Birol said during a gathering of energy ministers and industry bosses in Paris.

"It's a huge figure because (as) the cost of production increases in many parts of the world, it's getting more and more difficult to extract energy, that's why our numbers have increased substantially," he said.

"If we don't find that money, the production will not grow as much as it needs to grow, with the result (that) one can see much higher prices than one can see today."

The IEA projected that 45 percent of the investment would cover electricity, 26 percent would be spent on oil, 25 percent on gas and the remainder on coal and biofuels.

http://www.france24.com/en/20111018-15-trillion-year-keep-energy-flowing-iea

[unkachuck]

1. more energy-sector blackmail?....haven't they sucked enough wealth from us?

....if you don't give us your money, we'll crash your economy - then you'll be cold and hungry....

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

....are we going to believe anything French-based?

[FarCenter]

2. Actually, there are many who think that IEA is Pollyannish

Energy supplies are becoming more expensive because the easy to pump oil is gone, the easy to mine coal is gone, and the easy to drill gas is gone.

So whether supplies are exhausted, or just uneconomic, we face a future of higher energy prices as 9 billion people compete for the available supplies.

The US will have to become much more efficient in its use of energy. We're competing with some guy who is desperate for a gallon of fuel to run his motorized pedicab.