SUPPLIES OF CONVENTIONAL CRUDE OIL

That this House calls on the Government to recognise the increasing evidence for a global peak in conventional oil production in the near future, noting that this event means that global oil supplies will begin to decline terminally and that in turn an increase in global oil demand will not be met, that unconventional oil and alternative fuels will not be able fully to meet the growing gap between supply and demand and thus that will be the end of cheap and abundant oil with ever more challenging consequences for transport, agriculture, employment, the financial system, peace and security; and calls for the Government to acknowledge that as a peak in production is inevitable it must begin planning now.