Whitehall Convenes Urgent Peak Oil Meeting
Booming demand in China, India and Middle East for crude oil, is likely to push the price of crude above $80 a barrel, with a "stakeholder meeting" in Whitehall organised today to discuss the potential of a global shortage of oil.
Lord Hunt the Energy Minister, in a report by The Guardian, is meeting key "stakeholders" today to calm fears that oil reserves in the UK are low, which could result in a "sudden shortage of supplies of oil". Analysts fear that there could be an "early onset of peak oil", which is the stage where oil supplies start a "terminal decline" in global oil production.
The Government, is believed to have a renewed sense of "urgency" to deal with a potential "peak oil" scenario", with risk assessments to be undertaken to see the impact on the economy.
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