The global 'energy crunch' is nearby

According to a new report, a severe ecological recession more catastrophic than the credit crisis is rapidly approaching.

The Oil Crunch: Securing the UK's energy future predicts that production of easily available oil will peak by 2013 with the resulting spike in fuel prices having an overwhelming effect on the world’s economy both directly and indirectly.

The report, published by industry taskforce Peak Oil, urges the government to re-prioritise and treat the fuel crisis as a more immediate threat to national security than both climate change and terrorism.

It is purported that the oil industry has made significant discoveries of oilfields in Brazil, however the report claims that these are not substantial enough to support rising demands from developing countries, such as China and India, reaching energy-intensive phases of urbanisation. Furthermore, concerns have been raised that existing national reserves have been grossly exaggerated for political purposes.

The recent dip in crude prices is a temporary downswing in a much longer-term trend. That trend most definitely points up, a reality we ignore at our peril.

The election of Barack Obama as President elect of the United States has raised hopes among environmentalists that a new impetus will be given to global efforts to combat climate change and address the wider issues of a sustainable future for all life on our planet. Here we give some early reactions to Obama's election victory and list some of promises that Barack Obama has already made.