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British MoD predicts oil prices to reach $500 a barrel by 2040

Posted on 05 June 2013

It’s all doom and gloom for the UK’s Ministry of Defence! Unlike the conservative and relatively optimistic reports published by the government, a recent report released by the MoD warns that current energy trends could threaten the Western way of life by 2040.
The report states that as reserves of easy-to-extract oil deplete, climate change reduces the amount of food produced and drinking water available, and population continues to rise, energy prices are likely to soar and remain high for the long term, causing long recessions in Western economies………………………………………..Full Article: Source


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