While theories differ on when the world will experience the hard hitting times of peak oil, Virgin boss Richard Branson is boldly predicting that will happen in the next five years.
In the foreward to a new report being released shortly, Branson urges UK leaders to be proactive rather than reactive to peak oil. “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,” Branson will say. “Our message to government and businesses is clear: act,” he says in a foreword to a new report on the crisis. “Don’t let the oil crunch catch us out in the way that the credit crunch did.”
According to one consultant, the current worldwide recession has only delayed the inevitable. “The next major supply constraint, along with spiking oil prices, will not occur until recession-hit demand grows to the point that it removes the current excess oil stocks and the large spare capacity held by Opec,” said Chris Skrebowski. “However, once these are removed, possibly as early as 2012-13 and no later than 2014-15, oil prices are likely to spike, imperiling economic growth and causing economic dislocation.”
The full report, due out to tomorrow, should be an interesting read. The only question is whether governments will take heed of the warnings to start making transitions from oil today. Either way, you may want to invest in a hybrid/electric vehicle before 2015.
via UK Guardian