so, last week it was the International Monetary Fund, now, on queue, the IEA... next week, who knows? ... maybe the World Bank? USAID? heck, the UN? ... it'll prolly move on a Friday too, like this absolute bummer did: Cheap energy no more, IEA says Cheap energy no more, IEA says - UPI.com LUXEMBOURG, April 22 (UPI) -- The global energy sector will have to kick into high gear to meet soaring demand, the IEA said as it warned of the end of cheap energy. The International Energy Agency warned that it won't be easy to reverse the rise in energy prices because it's getting harder to access and exploit conventional resources. "The age of cheap energy is over," said IEA Executive Director Nobuo Tanaka in a statement from Luxembourg. Tanaka said that if one assumes high prices are here to stay, the energy sector needs to consider whether the "extra rent" goes into the pocketbooks of global energy companies is going toward increased environmental sustainability. IEA analysts said the world needs another 50 million barrels of oil from new fields by 2035 in order to meet expected demand. Crude oil production from existing fields, meanwhile, is expected to decline from the 68-million-barrel-per-day mark in 2009 to just 16 million bpd by 2035. "Despite the fact that crude oil production doesn't increase, the need for new capacity on a gross basis is still very large, because so much of the world's existing production capacity will have been lost by the end of the projection period (of 2035)," said Tanaka. Let's see if we've got that straight (and anyone please stop me if I'm wrong): the International Energy Agency - a global policy-influencing entity that, for years, has flat denied or deflected from acknowledging peak - just admitted the comfy world as we know it will absolutely want/need/require 50 million additional barrels per day by the time our children are in their 20s and 30s. And yet, it is ALSO saying the capacity of all known fields that exist today will in fact be LOSING 50 million barrels per day from what they provide currently. Can we assume then that we really need close to 100 million barrels of newly discovered oil - per day - by 2035? .... Shit, just for argument's sake, let's pretend the IEA is being over dramatic and call it merely 40 million new barrels. No. 30 million barrels. ... every day. While you're pondering that figure, remind yourself that the Macondo Prospect that Deepwater Horizon was sucking off contained a total of 55 million barrels. Heck, not even a day's worth of what the IEA says the next generation will need. A night's sleep worth. ... Was it worth it? Would thousands more of them be? Gosh, I guess mankind had better find about 5 new Ghawars in the next 10 years then... what with all that advanced exploration technology them librul lawmakers just won't let us use. ... Of course, we could always let the rest of the world eat cake, and "frack" our way through the problem. There's supposedly "a thousanty trillion cubic meters" of that gas-from-rock stuff everywhere, from Conn. to Arkansas to Wyoming to Idaho, if the EPA would just stfu and (continue to) look the other way. ... Good times. And so here we are. Many of us seeing the writing on the wall, knowing the world will never reach those new 50-100 million barrels per day, because demand will be crushed. ... others admitting (perhaps finally) obvious supply problems, yet sure as the sun will rise that technology is not only ready, but in place for a seamless transition into something new, 'like it always does!'... 'boy, i say boy!... the stone age din't end cause of lack o' stones!' The IEA has admitted the Peak Oil condition. Period, end of story.