Peak Oil

Just two days after my last posting the Guardian Newspaper has a story about 'Peak Oil'.

This is an extract from the story,

"The risk to the UK from falling oil production in coming years is greater than the threat posed by terrorism, according to an industry taskforce report published today.

The report, from the Peak Oil group, warns that the problem of declining availability of oil will hit the UK earlier than generally expected - possibly within the next five years and as early as 2011.

Oil-Supply

Oil supply could then rapidly decline, or even collapse, the report warns, with potentially devastating implications for the UK economy.

The report was issued today by the recently established UK industry taskforce on peak oil and energy security, a group of eight companies including transport firms Virgin, Stagecoach and FirstGroup, engineers Arup, architects Foster and Partners, and energy giant Scottish and Southern.

Entitled The Oil Crunch, the report argues that the risk of an early peak in oil production poses a bigger threat to UK society than tightening gas supplies, terrorism or the short-term impacts of climate change."

What are the implications for Formby? Given that most of us work outside Formby and use cars to get to work and that all our supplies rely on oil, what can and what should we be doing about it?
Is the Transition Towns approach useful?