Peak Oil will be $150-200/barrel in next 5 years – Arup

Oil will peak at $150-200/barrel in the next five years, said John Miles, global leader for energy resources and industry at consulting engineers Arup, on BBC Radio 4′s Today programme this morning.

 

Representing the findings of a group of business leaders calling for urgent action to prepare the UK for peak oil, he claimed that demand from the developing world would drive crude oil prices to these levels, and that supply would be constrained by the rate of extraction.

 

“There will a structural shift upwards in the price of oil in … the next five years, and steps need to be taken to protect the weaker elements of society from the huge price rises,” he said.

 

Click here to hear his interview

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