Oil crunch 'just five years away'

From the BBC:

Business leaders, including Sir Richard Branson, have criticised ministers for not doing enough to avoid a potential oil crunch and are calling on the next government to take action.

"Governments need to urgently, urgently wake up," insists Sir Richard in an interview with the BBC News website.

His Virgin Group is one of six companies that have formed a coalition called the UK Industry Taskforce on Peak Oil and Energy Security.

The taskforce - made up of engineering group Arup, architects Foster and Partners, Scottish and Southern Energy, Solar Century and Stagecoach, as well as Virgin - has launched its second report looking at the oil crunch, just months before the next general election.

It warns that Britain is unprepared for the oil shortages and price volatility that it predicts will become a reality in the next five years.

As a result, British businesses and consumers will face higher travel costs, increased food prices and higher utility bills.

"If somebody had been able to warn the world five years before the credit crunch, the credit crunch could have been avoided. The same thing could be said for the oil crunch," says Sir Richard...

Full article:
BBC News - Oil crunch 'just five years away'

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