Australia: Govt warns of ‘peak oil’ chaos

QUEENSLAND is heading for an oil shock. And it is not a matter of if, but when.

As crude oil prices hit a record high yesterday, an as-yet unreleased Queensland Government report warns of massive social dislocation, rising food prices and infrastructure headaches because of rising oil costs.


The report on the looming “peak oil” crisis concludes that we will have to re-think the way we live and travel in the next few years as relatively cheap liquid fuels become a thing of the past.

“Peak oil” refers to when global output fails to meet demand, a situation the report estimates will occur in the next few years, although some economists believe we are now on the cusp.

Courier-Mail