Oil production predicted to decline within five years
A taskforce of eight British engineering, utility and transport companies is predicting the world will reach peak oil in three to five years.
That's when oil drillers have reached the maximum they can produce and production starts to decline,
The taskforce has given three possible options - a collapse in production, a decline, or a plateauing of production once peak oil is reached.
Taskforce chairman Dr Jeremy Leggett says even the Shell Oil company agrees with the third option, although it's less gloomy about when the plateau will be reached.
"The collapse is the worst case scenario," he says.
"The plateau scenario, interestingly, is Shell's view of what could happen.
"They think that we can get to 2015 and then maybe hold it on a plateau provided they're allowed open season on unconventional oil, tar sands and all the rest of it."