Ben Quinn, correspondent for The Christian Science Monitor, reports that Virgin owner and megawealthy Richard Branson supports the alarmist ‘warning of an impending peak oil crisis.’ Branson and some fellow British business leaders funded a recent study whose report supports the claim that peak oil will be real by 2015. The impending scenario where oil runs out will see oil shortages and hike in oil prices, affecting food prices among others. “The controversial idea that growing oil demand will soon outstrip more finds is capturing the attention of governments,” says Quinn.

The Branson-funded report adds that oil costs will rocket not only because of the consistent need in western countries but also because of the rising demand in the developing world that is equally headed towards industrialization. All these while oil production does not increase ‘above a current 85 million barrels per day.’ This information is not new. This analysis has long been confirmed by both the scientific and business worlds.

According to Branson, “Don’t let the oil crunch catch us out in the way that the credit crunch did.” Self-interest in the future of oil is understandably the reason for Branson backing the idea of oil drought. His Virgin Airlines and rail business will naturally be affected by hike in prices of crude oil. He, among others, believes that it is only the current recession which slows down oil usage and consumption that is delaying the looming possibility of peak oil.

However, the concept of peak oil lends more challenge for renewable energies. The world is realizing and acting on the awareness that there are other sources of energy besides petroleum. Natural gas has also been proving to be a viable alternative.

So, by and large, the idea of peak oil still remains an alarmist campaign, even if megabillionaires back the idea.

Photo Courtesy: Allen Fredrickson/Reuters

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