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Is the sun setting on oil supplies? http://apocadocs.com/s.pl?1255013625
There is a "significant risk" that global oil supplies could peak within the next decade, according to a major new report which warns that increased oil price volatility and dwindling supplies will impact businesses far sooner than officially suggested.... It also warns that the UK government is not alone in being unprepared for this scenario, which would result in rising oil prices and increased price volatility.
"In our view, forecasts which delay a peak in conventional oil production until after 2030 are at best optimistic and at worst implausible," said the report's chief author Steve Sorrell. "And given the world's overwhelming dependence upon oil and the time required to develop alternatives, 2030 isn't far away."
The report downplays the implications of recent big oil discoveries, such as those announced in the Gulf of Mexico, arguing that with oil demand currently running at 80 million barrels a day even big finds would only delay a peak in supplies by a few days or weeks.
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[Read more stories about:
peak oil, faster than expected, carbon emissions]
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Hmmm... that commute is a little daunting, by bicycle.
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