MEP DEMANDS EU STATEMENT ON ‘PEAK OIL’ IS EU READY FOR ANOTHER OIL PRICE SHOCK? ASKS LUCAS
THE EU must prepare for the ‘Peak Oil’ scenario in which global oil production passes its peak and demand for oil outstrips supply, causing a massive price hike, according to Green Party Mep Caroline Lucas.
In a written parliamentary question, Dr Lucas calls on the EU Commission to make a clear public statement on Peak Oil, its predictions of when it will occur and strategy for dealing with it.
“Declining production at major oilfields and public over-statements of reserves by oil companies mean that the point of ‘Peak Oil’ – when growing demand for oil outstrips falling supply – will occur sooner than is openly suggested,” said Dr Lucas, MEP for South-East England and a member of the European Parliament’s influential Environment Committee.
“Some argue that we have already passed the ‘Peak Oil’ point, and the US and UK governments are beginning to openly acknowledge the issue.
“Peak Oil will have a profound effect on oil prices – and climate change, as there is likely to be a rush towards other energy sources like coal, which will further add to greenhouse gas emissions – and it is high time the EU became involved in the debate.”