The Smith School of Enterprise and
the Environment has published a
paper stating that capacity to meet
projected future oil demand is at a
tipping point and that we need to
accelerate the development of
alternative energy fuel resources in
order to ensure energy security and
reduce emissions.

The Status of Conventional Oil
Reserves – Hype or Cause for
Concern? published in the journal
Energy Policy concludes that the age
of cheap oil has ended as demand
starts to outstrip supply as we head
towards the middle of the decade.

The report also suggests that the
current oil reserve estimates should
be downgraded from between 1150-
1350 billion barrels to between 850-
900 billion barrels, based on recent
research. But how can potential oil
shortages be mitigated?
Dr Oliver Inderwildi, head of the
Low Carbon Mobility centre at the
Smith School, said: “The common
belief that alternative fuels such as
biofuels could mitigate oil supply
shortages and eventually replace
fossil fuels is pie in the sky. There is
not sufficient land to cater for both
food and fuel demand. Instead of
relying on those silver bullet
solutions, we have to make better use
of the remaining resources by
improving energy efficiency.

Alternatives such as a hydrogen
economy and electric transportation
are not mature and will only play a
major role in the medium to long
term.”