NZ has time to prepare for future oil crisis – Hodgson

The Government today launched a discussion document on sustainable energy which it said was the starting point for future policy development.

Written by the Ministry of Economic Development, it sets out New Zealand’s current situation and considers ways to improve existing sustainable energy sources and develop new ones.

Green co-leader Jeanette Fitzsimons welcomed the report but said it lacked a sense of urgency about dealing with future problems and current oil prices.

Ms Fitzsimons was particularly concerned about a concept known as “peak oil”.

Peak oil describes a scenario where global oil production peaks and due to continuing demand prices escalate to a point where current uses are not sustainable.

The Government had accepted forecasts that many experts believed were too optimistic.

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