“In a significant policy shift, the government has agreed to undertake more work on whether the UK needs to take action to avoid the massive dislocation that could be caused by the early onset of “peak oil” – the point that marks the start of terminal decline in global oil production,” the Guardian reported on 21 May 2010.
Why now?
“The decision to hold the talks came after the UK industry taskforce on peak oil and energy security last month issued a provocative report, The Oil Crunch: a Wake-up Call for the UK Economy, in which it warned of the dangers of complacency.”
Richard Branson—the playboy entrepreneur who’s head of Virgin, and a member UK industry taskforce on peak oil—made a bold prediction: “The next five years will see us face another crunch: the oil crunch. This time, we do have the chance to prepare. The challenge is to use that time well.”
I think he’s probably right—unless this recession continues much longer than most economists and politicians are saying in their public predictions. If that happens, I’m afraid people will get complacent, thinking peak oil isn’t a real threat.
Related posts:
- Read: “Are policymakers, economists and peak oilists starting to speak the same language?” in the FT What was a “tinfoil hat theory” just a few years ago is going mainstream, at least in the UK...
- Read: “The Pentagon Prepares for Peak Oil” Chapter 5 of "Profit from the Peak" by Brian Hicks and Chris Nelder...
- “The U.S. oil peak might be seen as the most significant geopolitical event of the mid to late 20th Century.” —from the Energy Bulletin's Peak Oil Primer...
