More Peak Oil

NEWS: Green Party in England & Wales

'PEAK OIL' ALREADY REACHED

WORLD OIL PRODUCTION TO 'DECLINE AT A RATE OF SEVERAL PER CENT A YEAR' (1)

A newly published global oil supply report to be presented by the Energy Watch Group at the Foreign Press Association in London today will say that peak oil - the point when oil extraction reaches its highest point and then starts to decline - has already been reached. The report also warns that anticipated supply shortages could easily lead to 'disturbing scenes of mass unrest.'

The report claims that world oil production peaked last year, and that production will now start to decline at a rate of several percent per year. (1)

Green Party Principal Speaker Caroline Lucas, author of 'Fuelling a Food Crisis' which examines the dependence of the EU's food supplies on oil, said in response:

"The reality of peak oil has once again forced itself onto the agenda with this report and it is good to see people finally waking up to the issue.

“The peaking of global oil production, which according to the report took place in 2006, is not merely a question of oil prices, but one of food security. Since over 90 per cent of all our food products require oil, the imminent fall in production and consequent hike in prices will have a profound impact on food availability in the developed and the developing world.

“The UK government and the EU have ultimately failed to take the matter seriously, despite the fact that I raised the issue with the European Commission on several occasions. They must now act quickly, both with legislation and significant investment, to promote truly renewable sources of energy if our dependence on oil is to be reduced.”

Green Party Principal Speaker Derek Wall added:

"We live in an oil addicted society, continual dependency on petroleum is the road to catastrophe. Unless we start creating an energy effecient, ecological economy, our reliance on oil will lead to economic recession, ecological catastrophe and more imperialist wars for the black stuff.

"Already oil prices have increased from below 10 dollars a barrel in the 1990s to around 90 dollars, yet only the Green Party has been calling for real action for us to move to a post oil economy.

"We urgently need to radically alter the way in which we source our energy - and how much of it we consume.

"Cutting edge renewable energy technologies such as wind, wave and solar power, are the key to our future. But they are woefully underrated, and consequently underfunded.

"The only right response to this report is to massively invest in the fledgling renewables industry.

"The UK is better placed than anyone else in Europe to utilise these cheap, clean and modern sources of energy.

"Maximising our use of renewable power would not only reduce our carbon emissions, it could also save us from yet more oil wars."

ENDS

Notes for Editors:

(1) http://www.energywatchgroup.org/fileadmin/global/pdf/
EWG_Press_Oilreport_22-10-2007.pdf