Friday, 5 June 2009

The Oil Crunch

The Oil Crunch is a report by the UK industry taskforce on peak oil and energy security.

It is backed by ARUP, The First Group, and Virgin amongst others. It reports reliable and respected analysis that predicts peak oil as occurring between 2011 and 2015. After this point the depletion of existing oil reserves can no longer be replaced by additions of new capacity.

The result will either be a gradual descent as oil becomes increasingly scarce or a sudden collapse in supply.

Descent is maintained by the exploitation of alternative "not-so-easy" oil sources such as tar sands and ultra deep water reserves. Exploitation of some of these have serious ecological implications.

The report argues that the threat to our society of an oil crunch is more imminent and therefore more deserving of a priority policy response than climate change. The current policy perspective, the report says, prioritises climate change and so the time scale for bringing in alternative energy sources is too long for the 2011-2015 window.

The report makes a number of recommendations. A brief summary can be read here.

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