'Oil price hikes could threaten UK's cheap energy' - 10/02/2010
A new report warns that cheap energy could be at risk as oil prices surge over the next few years.
The Oil Crunch report says that the world is running out of oil and the UK could be hit by sharp price rises from energy suppliers as soon as 2015, reports the Press Association.
The report is compiled by top business leaders including Sir Richard Branson and calls on the government to take the risk seriously and establish contingency plans for alternative power, transport, retail and agriculture.
Unless the problem is adequately dealt with, the UK's energy security will be significantly compromised and there will be shortages in consumer products, the report said.
Sir Richard added: "UK competitiveness will be hampered unless we can develop viable, affordable and secure long-term sources of alternative energy."
The stark warning comes after energy watchdog Ofgem recently warned that electricity and gas may become too expensive for a rising number of households in the country unless urgent action is taken to safeguard the UK's energy resources.
If you want to find out more about switching energy suppliers and how you could save up to £378 in minutes, click here.
Save up to £300 on your gas & electricity bills at energyhelpline.com
Compare prices from all energy suppliers to find your best deal