The senior global economist at the world's second largest bank warned that the global oil supply might run out in under 50 years.
"Energy resources are scarce," wrote Karen Ward, HSBC's senior global economist in a research report that was obtained by CNBC. "Even if demand doesn’t increase, there could be as little as 49 years of oil left."
Speaking on CNBC, she raised her estimate by a year. “We’re confident that there are around 50 years of oil left...There's possibly more out there, but the confident estimates are around 50 years."
Here's Ward on CNBC:
Peak oil theorists are pretty regularly brushed aside as whackos and nut jobs (and I certainly know plenty who fit that bill). But when the top economist at the second largest bank in the world (based on assets) is saying that we've got five decades of oil left, it's worth paying attention.
Yet another reason why the only way to to ensure our energy independence and security is to reduce our dependence on all oil.