This article is thanks to the Post Carbon Institute.
A new report by a United Kingdom industry taskforce predicts steep oil price rises and gasoline supply shortages by 2014-2015, which will put the global economy at similar risk to the 2007-2008 rapid rise in oil prices that helped trigger the Great Recession.
“The time period would be 2014-2015 when the oil market would be starting to experience rapidly rising prices and tightening oil supplies…It is notable that the CEO of Total, Christophe de Margerie, is already warning of such an outcome in the 2014/15 period,” says the report, “Industry Taskforce on Peak Oil & Energy Security,” funded by Virgin Group, Arup Engineering, Foster and Partners, and Scottish and Southern Engineering.
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