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Fuel card news: Oil 'could hit $200 a barrel'

12 August, 10
The cost of crude oil could rise to as much as $200 a barrel when the effects of peak oil start to take hold, it has been claimed.

Writing in the Guardian, journalist Graham Wayne suggested the effects on the global economy could be disastrous unless world leaders take swift action to mitigate the potential impact of peak oil production.

"The UK ground to a halt in a matter of days at the behest of a few thousand protestors [in 2000]," he observed. "Scale that up by an order of magnitude and you can see what a $200-an-oil-barrel world might look like."

Mr Wayne hinted that consumption of the commodity is unlikely to come down until politicians take the lead and provide realistic alternatives, but warned of "violent change" in the meantime.

Earlier this year, a team of Oxford researchers headed by former British government scientist Sir David King warned global oil reserves may have been exaggerated by one-third.

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Posted by James RichmondADNFCR-2675-ID-800022364-ADNFCR

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Fuel card news: Oil 'could hit $200 a barrel'