This report, by the UK Industry Taskforce on Peak Oil and Energy Security is now available at:

http://peakoiltaskforce.net/wp-content/uploads/2010/02/final-report-uk-itpoes_report_the-oil-crunch_feb20101.pdf

Worth a read. The wake-up call is as relevant to our economy as to the UK’s. This is a world-wide issue.

Some key quotes:

• “As we reach maximum oil extraction rates, the era of cheap oil is behind us. We must plan for a world in which oil prices are likely to be both higher and more volatile and where oil price shocks have the potential to destabilise economic, political and social activity.” (page 4)

• “The impacts of climate change make this an urgent task. However the addition of a peak in oil production and the need to find replacements will speed up that urgency and add even greater focus.” (page 5)

• “Despite efforts to promote energy efficiency and the use of alternative fuels, ground and air transport remain stubbornly dependent on petrol, diesel and kerosene.” (page 27)

• “If anything, current trends in the growth of air travel and road haulage suggest that future demand growth will more than compensate for any energy-saving or oil-substitution measures. Global supply restrictions and price volatility will therefore pose a growing threat to the UK’s transport sector as the global oil crunch hits home.” (page 27-8)

• “We might expect to see the following … reflected in our economy within the term of the next government: markedly higher prices for all forms of travel (air, sea, rail and road)…” (page 40)

• “Behavioural change, modal shift to greener, smarter bus, coach and train travel and measures to support these modes will make or break our efforts to deliver a reduced oil-dependant, low carbon transport future.” (page 40)

• “Behavioural change, modal shift to greener, smarter bus, coach and train travel and measures to support these modes will make or break our efforts to deliver a reduced oil-dependant, low-carbon transport future.” (page 42)

• “[We suggest] introducing fiscal measures to promote more carbon and fuel efficient modes of travel. For example, remove the current annual £9 billion tax break on fuel for domestic airlines and channel the income to public transport investment.” (page 44)

- Brian Iler