We have been a little fixated over the recent CERA report on the myth of an imminent peak oil problem, and, in the process, have not given enough recognition to another report that has just been released. Wood MacKenzie is also a company that provides information on the energy industry and, is the often more conservative evaluator of reserves that Jean Laherrere has used in some of his studies. On November 1 Leanan noted their press release, which can be seen on video in which they noted that while the Arctic Regions do, in fact, contain significant amounts of oil

The US can no longer consider the Arctic as a long-term strategic energy supply source, according to a new joint study by Wood Mackenzie and Fugro Robertson, "Future of the Arctic." The study found the Arctic potential is significantly less than previous estimations had suggested, and the mix of resources have been found to contain much less oil and more gas.
"These findings are disappointing from a world oil resource base perspective," said lead study author, Andrew Latham, Vice President, Energy Consulting at Wood Mackenzie.
The study shows only approximately one quarter of the oil volumes previously assessed in key North American and Greenland basins.