• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 4 hours COVID is real now
  • 21 hours Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 11 hours The Boris Yeltsin of America
  • 6 hours Where is Alberta, Canada headed?
  • 20 hours Why Putin is popular in Russia
  • 40 mins Is The Three Gorges Dam on the Brink of Collapse?
  • 2 hours Joe Biden offers advice to correct the public health
  • 7 hours There Has Been No Trump Manufacturing Boom Even Before Covid
  • 17 hours Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"

Breaking News:

Oil Climbs On Major Crude Draw

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

British MoD Predicts Oil Prices to Reach $500 a Barrel by 2040

It’s all doom and gloom for the UK’s Ministry of Defence! Unlike the conservative and relatively optimistic reports published by the government, a recent report released by the MoD warns that current energy trends could threaten the Western way of life by 2040.

The report states that as reserves of easy-to-extract oil deplete, climate change reduces the amount of food produced and drinking water available, and population continues to rise, energy prices are likely to soar and remain high for the long term, causing long recessions in Western economies.

The British government supports the IEA estimates that oil prices will peak around "$125/barrel in real terms (over $215/barrel in nominal terms),” whereas the MoD report suggests oil prices are more likely to grow exponentially, and finally reach $500 a barrel by 2040; with the high prices encouraging more effort to develop alternative fuel sources.

Related article: Boom in Production of ‘Technological Barrels’ of Oil Drives Prices Down

The report notes that “the growth of South Asian economies will impact on most western nations, where the way of life for the majority of the populaces may be challenged by rising energy and resource prices, coupled with a relative decline in the value of their national economies.

The economic and industrial rise of China and India will increase the cost and reduce the availability of UK energy supplies. As a resource-importing nation, and with relatively modest fossil fuel reserves, the UK will be affected by increased resource and commodity costs. The UK will increasingly need to compete with China and India in order to secure enduring access to energy.”

The MoD believes that the Western way of life will be increasingly challenged as levels of energy, GDP, and therefore lifestyle, begin to normalise across the globe.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News