Mind the Gap: What Would a Growing Consensus on Peak Oil Mean for Policy and Investment?
Simon Roberts, Associate Director, Arup Foresight Innovation and Incubator Group; Editor, 2nd Report of the Industry Taskforce on Peak Oil and Energy Security
Several studies have concluded that the world faces a peak in oil production in the next twenty years - if this has not already happened - and, given the world's rising demand for fuel, that the economic, social and political consequences of terminal decline without preparation would be catastrophic. Others argue that this is yet another 'false alarm' or that the crunch will not be in terms of actual reserves, but the high price of and political impediments to exploiting them. Whatever the case, the peak oil debate is gaining traction amongst the business community and government planners.
The CEOs and chairmen of the UK Industry Taskforce on Peak Oil and Energy Security conclude in an updated assessment scheduled for release on 17 November that the global oil industry has its asset assessment wrong in much the same way the banking sector did in the run up to the financial crisis. They foresee a peak in global oil production, and a gap opening rapidly between supply and expected demand, by 2015 at the latest. Are they right? If so, what should be done? And what might adopting this outlook mean for the way such major energy customers invest, for national planning priorities and for the UK's relations with oil producing countries?
Refreshments will be available from 08:00 to 08:30.
Attendance at this event is by invitation only.