“Peak oil” scenario under assessment by Whitehall today

Booming demand in China, India and Middle East for crude oil, is likely to  push the price of crude above $80 a barrel, with a “stakeholder meeting” in Whitehall organised today to discuss the potential of a global shortage of oil.

Lord Hunt the Energy Minister, in a report by The Guardian, is meeting key “stakeholders” today to calm fears that oil reserves in the UK are low, which could result in a “sudden shortage of supplies of oil”.

The Government, is believed to have a renewed sense of “urgency” to deal with a potential “peak oil” scenario”, with risk assessments to be undertaken to see the impact on the economy.

In the capital we have already seen petrol prices rise to 1.1609 pound per litre from 1.1210 in mid-February.  Diesel rose to 1.1687 pound a litre, up from 1.1384 a month ago.

Summarised from TheLondonDailyNews.com – 22nd March 2010