Information has been published showing that the Government might have ignored warnings of current oil spikes.
Under the pressure of the Freedom of Information Act, the Department of Energy and Climate Change revealed the Wicks Review into energy security, at a time when the price of oil has risen to as much as $115 a barrel.
The report warned that: “If peak oil happens before 2015 there would be negative economic consequences for some of the main importers of UK goods and services resulting in a negative impact on the UK economy in the longer term.”
The report does go on to say that it is hard to predict when peak oil might occur and therefore ” there are no obvious additional policies the UK government should pursue to minimise the likelihood of a ‘peak oil’ scenario and to be prepared to mitigate its impacts in addition to those already in place.”
However the report concludes that “alternative technologies to oil will take a long time to develop and deploy at scale,” which many fear the UK is not prepared for.