Developing economies, peak oil, and the future

The important question is whether the recent rise in oil price is merely a temporary spike, reflecting bottlenecks in refining capacity and current political uncertainty in oil producing areas in the Middle East, Africa, Russia, and Latin America,[212] or whether it is due to continue or rise even higher. This brings us onto the “peak oil” debate.

Our view is that global oil production will not peak before 2030, but again that is a cross-governmental view rather than simply the view of the Department for Transport.

House of Commons – Environmental Audit