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)