The real problem, however, concerns the longer term. There is a strong possibility that what we are facing now is not simply a temporary mismatch between demand and supply that can be sorted out by Opec pumping more oil or by exploiting marginal fields in the world’s most inhospitable places. Rather, it is that we are in the early stages of an energy crisis that will fundamentally affect our lives over the next few decades. If that is so, western policymakers need to be thinking hard - and thinking hard now - about what life is going to be like when the oil and gas run out…

Once peak oil has passed, the models suggest stocks will dwindle over a period of three decades at a time when, on current trends, demand for energy will be rising strongly. In 30 years, oil production could be down by three quarters…

So what are we doing to prevent this? Well, not a lot. The first response is to deny there is a problem and dismiss talk of a pending energy crisis as scaremongering. A second response is to say that it might be a possibility, but will occur on somebody else’s watch. A third is to follow the example of Mr Micawber and assume that something will “turn up”. That “something” is normally nuclear power. In the light of the potential challenge, this is an inadequate response.

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