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".
Look beyond the usual shows for the best festive telly
Geoffrey Macnab does not like the comedian's big screen debut
The battle for control of Stieg Larsson's £30m legacy
Ten best places to live in the UK: Hart in Hampshire takes top spot
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
David Cameron takes his biggest gamble yet as he gets tough on Europe over immigration
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Tim Sherwood challenges Daniel Levy to set out vision for Tottenham Hotspur’s future
- 2 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 #Teamnigella: It’s the only side to be on
- 5 Christmas comes early: Justin Bieber is 'retiring from music'
- < Previous
- Next >
iJobs Money & Business
£59999 - £80001 per annum + Benefits: Pro-Recruitment Group: A Top 10 firm in ...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...