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On 29th October 2008 at The London Stock Exchange, eight leading UK companies launched a report, The Oil Crunch: Securing the UK’s energy future, warning that a peak in cheap, easily available oil production is likely to hit by 2013, posing a grave risk to the UK and world economy. The warning comes from a broad spectrum of industry (Arup, FirstGroup, Foster + Partners, Scottish and Southern Energy, Solarcentury, Stagecoach Group, Virgin Group, Yahoo).

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The report from the newly-formed UK Industry Taskforce on Peak Oil and Energy Security is the first multi-company alarm bell to be sounded on peak oil. It sets out a series of practical recommendations for Government, including action to grasp the significant economic and environmental opportunities from a step-change in investment in renewable energy and sustainable transport.

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The availability and price of oil affects almost every aspect of our economy and our day-to-day lives: the way we travel, where we work, what we eat, how we power our homes and buildings; and how we manufacture goods here in the UK. The “easy oil” that makes up most of the existing capacity is declining fast, and the new capacity coming on stream – often from “not-so-easy” oil - will not replace it fast enough from 2011 onwards. Within modern cities, life in the suburbs will become extremely challenging without plentiful supplies of affordable oil. With the era of cheap oil over, here are examples of the risks we face from peak oil and the opportunities for a new energy age.