Ireland too dependent on imported oil

…Today’s Forfas report says that recent developments in the global oil industry have resulted in many countries having to evaluate their overall dependence on oil and the effect on their economies. Threats to security of supply, increasing global demand, slowing rates of new oil discoveries and rising oil prices have become major concerns.

The concept of oil peak – where oil production reaches a point where it can no longer be increased – has also become ever more important in recent years.

The findings of today’s report suggest that Ireland needs to develop a national strategy to prepare for the challenge of peak oil. It urges pro-active measures including the possibility of developing nuclear energy as a more long term solution.

The report urges the introduction of initiatives to reduce the use of oil in transportation, by bringing about the replacement over time of the existing stock of vehicles with more fuel efficient ones and the provision of alternative modes of transport than run on electricity rather than petrol related fuels. The potential use of biofuels for transportation should also be investigated.

RTE