Fears grow high oil prices will hit world economic growth

Irish Examiner

"US industrial production rose 0.1% in July, and the Institute for Supply Management's factory index unexpectedly fell in August, showing manufacturing was already beginning to slow as energy costs surged.

Meanwhile, global oil production is near peak and is set to decline within a few years, a report warns.

This at a time when demand from 85% of the world is still rising while it is estimated a third of the world's oil now comes from declining oil fields.

Serious measures must be implemented to cut demand according to the report: 2007: Solving Peak Oil, which outlines the technical and policy steps needed to meet the challenge. It attempts to cope with the impending crisis and argues that tried and tested and cost-effective technologies can be implemented quickly to reduce oil consumption.

If done in line with falling oil supplies, it can prevent a major disruption of global transport without major disruption to society."