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The honeymoon period will soon be over, the IEA predict peak-oil becoming a reality by 2030, not far, but a new study from the Government-funded UK Energy Research Council called this prediction “at best optimistic and at worst implausible”. The peer-reviewed research looked at 500 studies from around the world and took into account the difficulty of accessing new oil fields as well as growing demand. It predicted oil will begin running out before 2030 and there is a “significant risk” peak oil will be reached before 2020.
Robert Gross, Head of Technology and Policy Assessment at UKERC, said
“The age of easy and cheap oil is coming to an end,” he said. “It doesn’t suddenly come to an end, obviously it’s a gradual change, but we’re moving away from easy and cheap oil to increasingly difficult and expensive oil.”
At the moment oil is around £44 ($70) per barrel after peaking at around £92 ($147) per barrel earlier in the year during the height of the economic crisis.
Dr Gross said the spectre of peak oil should encourage Governments to invest in more energy-efficient vehicles such as electric cars, renewable energy like wind or solar and improving energy efficiency in industry and homes.
Read on: at The Telegraph
