Oil production will peak in the period between 2011 and 2013, causing rising fuel prices and devastating damage to the global economy, a new report found.
The oil age is coming to an end, and sooner than most people may think. The shift to a new energy age won't be easy, and the world's economies will have to act sooner rather than later to prevent the global economy from being severe damaged -- that is the warning from a new report issued by the U.K. Industry Taskforce on Peak Oil and Energy Security, an alliance of eight British companies drawn from across the economic spectrum.
The report, titled "The Oil Crunch: Securing the UK's Energy Future," highlights the problems the global economy will face after oil has peaked and examines energy alternatives to best sustain the post-oil period. It claims peak oil is a much greater threat to Britain than terrorism and foresees oil prices
|Liveleak on Facebook|