Goodbye credit crunch and hello to the oil crunch

An industry task force has called for greater government funding for public transport

John Miles of Arup warned that oil would become more costly to extract in coming years

John Miles of Arup warned that oil would become more costly to extract in coming years

A wide-ranging report has called on the government to boost spending on public transport in the UK in order to mitigate the ever increasing economic effects that will be felt as the global supply of cheap oil begins to run out.

The Industry Taskforce on Peak Oil &?Energy?Security was set up by a group of business leaders, including Virgin Group chairman Sir Richard Branson and Stagecoach chief executive Brian Souter, two years ago to highlight government inaction over the issue of peak oil....