Peak oil to hinder world development -UK lawmakers

The looming peak in world oil production will set back international development and threatens to hinder efforts to make poverty history, a report by a group of UK lawmakers said.

While oil’s rally to a record high is causing economic pain in developed countries, its impact on international development is being overlooked, the report by the All Party Parliamentary Group on Peak Oil and development groups RESET and Practical Action said.

“The deepening energy crisis has the potential to make poverty a permanent state for a growing number of people, undoing the development efforts of a generation,” the report released on Monday said.

Reuters