World oil demand will outpace supply in 7 years, Shell's CEO warned in an email sent to employees in advance of the World Economic Forum in Davos, Switzerland. Jeroen van der Veer sees nuclear power, oil sands, and other unconventional energy sources replacing oil and gas out of necessity, whether or not world governments embrace renewable energy, the London Times reports.
Van der Veer said Shell sees two scenarios for the future: a zero-sum “scramble” for resources, if world leaders do nothing until supplies run short, and a more desirable “blueprint” coordination of governments on efficiency standards, emissions-trading, and other initiatives to curb runaway demand. But he didn't express much confidence that coordination will happen. He wrote, “It will be hard work and there is little time.”