Early peak oil forecast threatens industry
February 1st 2010 A group of leading business people have called for urgent action to prepare the UK for Peak Oil. The second report of the UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) finds that oil shortages, insecurity of supply and price volatility will destabilise economic, political and social activity potentially by 2015.
Peak Oil refers to the point where the highest practicable rate of global oil production has been achieved and from which future levels of production will either plateau, or begin to diminish. This means an end to the era of cheap oil.
“The UK’s freight network, cars and public transport systems are almost entirely dependent on oil. The twin threats of the oil crunch and climate change make that unsustainable.We need urgent Government action to support alternative technologies and incentivise behavioural change to protect business, consumers and our environment,” said Stagecoach Group CEO Brian Souter.
Arup chairman Philip Dilley added: “As we reach the maximum rate of oil extraction, the era of cheap oil is behind us.We must plan for a world in which oil prices are likely to be both higher and more volatile and where oil price shocks have the potential to destabilise economic, political and social activity.”
The group says the winner of the next general election should adopt a package of measures to avert this oil crunch. Key among these recommendations is the acceleration of a “green transport revolution” to see the ongoing introduction of lower carbon technology and trials of sustainable biofuels. The report also proposes behavioural change through incentives and education. More articles from Handling & Storage Solutions: | 
