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Page added on October 30, 2008

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Oil shortage ”bigger threat to UK than terrorism”

A global shortage of oil within five years poses a bigger threat to the UK than terrorism, an industry group has warned.

It will also see prices soar to far higher levels than the $147 a barrel peak of July, which saw the country’s motorists paying 119.7 pence a litre for petrol.

The warning of a looming energy crisis has been made by the UK Industry Taskforce on Peak Oil and Energy Security, an alliance of eight companies drawn from across the economy.
It has predicted that the availability of cheap oil will slump after 2013, with a devastating impact on the British economy.

In recent months the price of oil has dropped because of the downturn in demand from industrial countries.

Gordon Brown has convened a London conference of 38 oil producing countries to discuss in December.

Last week the 13-nation OPEC oil cartel tried to push prices back up by announcing a production cut of 1.5 million barrels a day.

But there are growing fears that the fall in the cost of oil over recent months has been a temporary respite.


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