Barroso warns of dwindling oil reserves

ROME, Nov. 12 (UPI) -- European Commission President Jose Manuel Barroso warned of the seriousness of the international energy situation.

Addressing the World Energy Congress in Rome Monday, he said the price of oil, which has soared recently, has been increasing at a very fast pace over the past several decades.

He said in 1915, a barrel of crude oil was $1.43 but today, oil prices are more than $90 a barrel, Italian news agency AGI reported.

"Global demand for hydrocarbons is increasing -- by more than 50 percent by 2030. Energy demand in developing countries is likely to double in that time," Barroso said.

He also pointed out that as demand increases, domestic oil reserves in Europe are rapidly decreasing.

"This is increasing import dependence from around 55 percent of supply today to almost 70 percent by 2030," he said.

Barroso suggested to keep up with demand, the global energy system will require an investment of more than $20 trillion by 2030.

Meanwhile, he said, global carbon dioxide emissions are poised to rise by 55 percent between 2004 and 2030 and decreasing emissions to avoid climate change is imperative for energy security.

"We must act now, and urgently, and we must go for robust and ambitious policies to significantly reduce our greenhouse gas emissions," Barroso said.