UK energy expert warns of global crisis

Energy Trade

Jeremy Leggett, an energy consultant for the British government, predicts a global energy crisis within the next five years as demand grows.

Speaking at a book launch in Budapest on Monday, Leggett said the crisis would stem not from a lack of oil or gas reserves, but because of infrastructural limits on production and means of delivery. Gas lines are being developed at a far slower pace than demand is growing. Tanker fleets and refinery capacity is also falling behind, and there is even a shortage of hydrocarbon industry professionals, he said. When the supply side is no longer able to meet demand, oil prices will rocket and panic will take hold in all segments of the global economy.

Leggett said wider spread use of alternative energy sources as well as a bigger effort to save energy could lessen the impact of the crisis. (MTI – Econews)

ADVERTISEMENT

Czech economic confidence weakens in September Analysis

Czech economic confidence weakens in September

Parl't extends pandemic legal provisions Parliament

Parl't extends pandemic legal provisions

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.