StockMarketWire.com - An industry taskforce has called for urgent action to deal with likely oil shortages after 2015.

This is the year that the taskforce estimates that global oil production will be at its highest level at less than 95m barrels per day and from then on production will either plateau or diminish bringing an end to the era of cheap oil.

The UK industry taskforce on Peak Oil and energy Security observes that the UK will be particularly badly hit by these factors with a tightening of supply leading to greater oil import dependency, rising and volatile prices, inflationary pressures and the risk of disruption to the transport system.

The report urges the Government to focus on new clean technologies, encouraging the ongoing introduction of lower carbon technology and trails of sustainable bio fuels


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