Branson and business leaders warn that oil crunch is coming within five years

Virgin chief and fellow business leaders call for action and say energy crisis threatens to be more serious than credit crunch
http://www.telegraph.co.uk/finance/financetopics/oilprices/7203172/Brita...
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The report issues a range of recommendations including:
General policies:
Government, local authorities and business must face up to the Peak Oil threat and put contingency plans in place
A package of policies are required to deal with the economic, financial and social impact of potential high oil prices
There is a need to accelerate the green industrial revolution
Transport:
Government support should be boosted for alternative technological solutions and associated infrastructure, such as electric vehicles
Policies and fiscal measures to support and incentivise a shift from the traditional car to more fuel- and carbon-efficient modes of transport to be established
Government investment in public transport must be maintained
Power generation and distribution policies:
Government must provide a stable pro-investment regulatory and political climate
The nation’s power generation and transmission distribution infrastructure must be changed to adapt to new demand patterns, price spikes and supply interruption
Retail and agriculture:
Measures must be taken to protect the public, particularly the most disadvantaged, from the impact of rising fuel costs on food and other consumer goods prices
Quotes from Taskforce members
“Working together, we must ensure that the Government takes action to address the impact of the oil crunch and ensure the UK is better prepared to withstand higher and more volatile oil prices. UK competitiveness will be hampered unless we can develop viable, affordable and secure long term sources of alternative energy.” Richard Branson, Founder of Virgin Group.
“The UK’s freight network, cars and public transport systems are almost entirely dependent on oil. The twin threats of the oil crunch and climate change make that unsustainable. We need urgent Government action to support alternative technologies and incentivise behavioural change to protect business, consumers and our environment.” Brian Souter, CEO of Stagecoach Group.
“There is the danger of creating a social recession as the poorest households get hit the hardest by higher prices. Economic growth will be endangered as prices rise, costs of raw materials increase and consumer spending ability is suppressed.” Ian Marchant, CEO of Scottish & Southern Energy.
“As we reach the maximum rate of oil extraction, the era of cheap oil is behind us. We must plan for a world in which oil prices are likely to be both higher and more volatile and where oil price shocks have the potential to destabilise economic, political and social activity.” Philip Dilley, Chairman of Arup.
“Practitioners in the low-carbon industries know just how fast we could mobilise technologies able to soften the blow of the energy crunch while abating climate risk, given the chance. At one level, only two things are standing in the way: a collective sense of urgency consistent with peak-oil risk, and effective yoking of industry and government in strategic harness.” Dr Jeremy Leggett, Chairman of Solarcentury.