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Page added on October 29, 2008

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Falling oil production ‘is greater threat to Britain than terrorism’

The Peak Oil group warned in a report that the country could begin feeling the effects of a severe lack of oil within five years, as oil-producing countries will be forced to wind down production due to diminished reserves.

Jeremy Leggett, the chairman of the Peak Oil Group and the executive chairman of the alternative energy company Solarcentury, said there was still time for the Government to act to protect the country from the impact of reduced oil supplies by reducing the economy’s dependence on the fuel.

Mr Leggett, who is a former oil company executive, said: “Society has become oil-dependent to its rivets. “What we are warning of is a peak in production beyond which will be a fall, potentially a rapid fall, and that will mean a global energy crisis if the analysis is correct.”

He said that oil companies had deluded themselves and governments about their ability to continue producing at present levels in order to maximise short-term financial gain, comparing their behaviour to banks whose actions caused the global economic crisis.


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