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The launch today (February 10) in London saw the Virgin founder speak of his fears for the end of oil as he launched ‘The Oil Crunch: A wake up call for the UK Economy’.

The report is the second from the UK Industry Taskforce on Peak Oil and Energy Security (ITPOES).

The report demands the UK Government ‘act now’ to prevent a return to the oil price rise shocks of the 1970s.

It states the country faces a tipping point as the North Sea reserves, which have supported the UK since the late 1970s, have about five years left.

Sir Richard said: “The rise in the price of oil will have a major impact on the production of everything, from fertiliser, pharmaceuticals and computers.

“Oil is, and remains, the blood of economic life and increasing dependence on foreign oil leaves us exposed to price rise in the future.

“We need to pay attention to the issue now … we must prepare for the peak in production oil.

“And also encourage change to consumer behaviour in the first instance, for example clear target from government to encourage the adoption of clean energy and electric cars.

“The next government must bring together business and the public sector to plan the future.”

Luke Walsh

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