No end in sight for oil price increases

Sky-high oil prices spark new and more expensive oil exploration. The US Geological Survey and the US department of energy believe oil is peaking, leading to a decline in production and availability. The key fossil fuel of the past 100 years is peaking in small producers such as Indonesia, Oman and Brunei.

Buyiswa Yaya, a spokesperson for D1 Oil Africa, which is doing exploratory work on alternative sources of energy, says: “Based on current utilisation statistics, worldwide oil reserves will be exhausted in less than 60 years, which will impact not only on industry but on the economies of countries … This is because of the increased costs of fossil fuel, which will impact on the entire supply chain within the economy.”
Business Report