The possibility of sustained high world oil prices has fueled concern over long-term supply. The question is particularly relevant for transport as a major user of oil with few viable alternatives. Internationally, there is a vigorous debate over the ability of this supply to satisfy ever-increasing demand, particularly with the growth in large fast-growth countries such as China and India. The debate can be complicated and, at times, highly emotional. The aim of this Working Paper is to provide an objective summary and analysis of the main issues in the debate.
- Is the World Running Out of Oil? A Review of the Debate