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Fuel card news: Governments 'ignoring peak oil'

10 June, 10
World leaders are continuing to overlook the prospect of peak oil output, according to a former UK government adviser.

Sir David King, director of Oxford University's Smith School for Enterprise and the Environment, told the Guardian global oil reserves are around 30 per cent lower than commonly believed and warned demand could exceed supply from 2015.

"I can't overemphasise the importance of persuading governments to focus attention on what's going to be a very significant issue as we move into the next decade," he told the newspaper.

The scientist suggested politicians are paying too much attention to oil industry bosses who tell them the commodity "will be squeezed out of the ground pretty much forever" and hinted at huge price rises within the next five years.

His comments came as oil costs escalated for the third day in a row, with both benchmark crude for July delivery and London Brent crude continuing to hover at just below $75 a barrel.

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Posted by Tammy BrooksADNFCR-2675-ID-19829257-ADNFCR

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Fuel card news: Governments 'ignoring peak oil'