IEA: The worst of the "oil crunch" yet to come

America doomed to death by oil?

The International Energy Agency (IEA) is warning that the world is on the verge of an energy crisis within the next five years.

"The world is facing an oil supply “crunch” within five years that will force up prices to record levels and increase the west’s dependence on oil cartel Opec, the industrialised countries’ energy watchdog has warned."

"In its starkest warning yet on the world’s fuel outlook, the International Energy Agency said “oil looks extremely tight in five years time” and there are “prospects of even tighter natural gas markets at the turn of the decade”."

While I hope the IEA is wrong, at least those driving hybrid cars will be, minimally, 20-30 percent better off than those driving conventional vehicles. Gas guzzlers, be warned.