Friday, May 20, 2011

Government to develop Oil Shock Response Plan

Energy and Climate Change Secretary Chris Huhne yesterday agreed to develop an ‘Oil Shock Response Plan’, following a meeting with the UK Industry Taskforce on Peak Oil and Energy Security (ITPOES).

The group, which was formed by Arup, B&Q, Buro Happold, Solarcentury, SSE, Stagecoach and Virgin, and campaigns for greater awareness of the economic threat presented by dwindling oil supplies, said that the meeting had proved “constructive” and had helped to advance the energy security dialogue.

Specifically, Huhne agreed that DECC and ITPOES would work together on peak oil threat assessment and contingency planning.

Details on the collaboration are yet to be agreed, but the group is expected to be tasked with modeling some of the impacts that could result if, as growing number of experts fear, global oil supplies peak within the next five years. More >>>

Location:Cayman Islands

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