Imminent peak oil could burst US, global economic bubble - study | Nafeez Ahmed | Environment | theguardian.com

Imminent peak oil could burst US, global economic bubble - study | Nafeez Ahmed | Environment | theguardian.com:

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Petrol prices have continued to rise as oil prices hit new highs.
Photograph: Lewis Whyld/PA

A new multi-disciplinary study led by the University of Maryland calls for immediate action by government, private and commercial sectors to reduce vulnerability to the imminent threat of global peak oil, which could put the entire US economy and other major industrial economies at risk.

The peer-reviewed study contradicts the recent claims within the oil industry that peak oil has been indefinitely offset by shale gas and other unconventional oil and gas resources. A report by the World Energy Council (WEC) last month, for instance, stated that peak oil was unlikely to be realised within the next forty years at least. This is due to global reserves being 25 per cent higher than in 1993. According to the WEC report, 80% of global energy is currently produced by either oil, gas or coal, a situation which is likely to continue for the foreseeable future."

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