‘Oil to last 80 years'
NZPA-Reuter New York
A Central Intelligence Agency report says there is enough recoverable oil in the world to last for 60 to 80 years at present consumption rates, “Time” magazine has reported. The report, prepared for the C.LA. by the Rand Corporation, said that more oil could be made available through conservation measures and special techniques to squeeze more oil out of existing reserves. The new report contrasts with one issued soon after the 1973 Arab oil embargo when the C.I.A. predicted that the depletion of worldwide oil reserves could begin by the end of the 1980 s. The earlier C.LA. report was inaccurate because it made the dubious prediction that the Soviet Union would soon become a main oil importer, which would have increased the depletion of reserves. “Time” said. However, the Soviet Union now seems likely to add to the world’s oil reserves, the magazine said.
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Press, 10 October 1978, Page 8
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153‘Oil to last 80 years' Press, 10 October 1978, Page 8
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