Bosses fear 'oil crunch' within a decade
Thursday 18 November 2010
Delays to deep water oil production in the wake of the devastating Gulf of Mexico spill could reduce global capacity by one million barrels of oil per day, inflating fuel prices and hitting the economy, British company bosses will warn today.
An average delay of six months could reduce spare capacity by 2015 to 2 million barrels a day from 3 million. The findings are published in a report by the Industry Taskforce on Peak Oil & Energy Security, whose membership roster includes the likes of the transport company Stagecoach, the utility Scottish & Southern Energy, the retail specialist Kingfisher and Sir Richard Branson's Virgin Group.
"This year's Gulf of Mexico disaster has increased the changes of an 'oil crunch' in the coming decade," said Sir Richard. "This will lead to much higher sustained prices which will in many ways rival the impact of the credit crunch of 2007 on UK growth, jobs and stability."
The report says that while the loss of output caused by the explosion at BP's Macondo well in the Gulf was "of little significance, particularly given the uncertainties around the figures", the real impact might be in form of project delays triggered by "new legislation, tighter controls or more inspections of deep-water installations".
New essay by JK Rowling went live on Pottermore site this morning
Top Gear presenter is no stranger to foot-in-mouth controversy
New UK station Russia Today gives a very bizarre view of Britain
- 1 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 2 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 3 Top Gear presenter Jeremy Clarkson criticised for beer tweet
- 4 Woman blinded as a child can see again after hitting her head on a coffee table
- 5 The bubble bursts for Sodastream
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Woman blinded as a child can see again after hitting her head on a coffee table
Top Gear presenter Jeremy Clarkson criticised for beer tweet
The bubble bursts for Sodastream
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...