Action needed to avoid oil shortage chaos

The news that test wells in the Barryroe oil field indicate that production will surpass 2,000 barrels a day is welcome news, but we should not lose sight of the fact that this is only 1.25% of Ireland’s oil consumption of 160,000 bpd.

It was more than 30 years ago when annual world oil consumption overtook annual discoveries, and today oil is being consumed four times faster than it is being found, and oil reserves are being depleted at 6% a year. We should not have too much faith in yet-to-be-discovered technology, or in statements issued by oil companies which may push up the price of their shares.

If we wait until oil becomes unaffordable or unavailable it will be too late. Unless the Government takes action now to reduce our addiction to oil, catastrophe is inevitable.