Tuesday, 27 April 2010

Global downturn cushioned peak oil impact

One of the Federal Government's top infrastructure advisers is warning of an oil crunch that could send the global economy spiralling back toward recession.

Curtin University Professor Peter Newman sits on the Government's Infrastructure Australia Council and says peak oil - when demand outstrips dwindling supply - has already hit but that the global downturn has kept prices low.

Professor Newman even blames oil for causing the global recession in the first place, and he is not alone.

It is an issue being taken seriously by some local councils which have drawn up peak oil contingencies.



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