On Wednesday 7th February 2007, the Australian Senate received the Final Report on Australia's future oil supply and alternative transport fuels from the Rural and Regional Affairs and Transport Committee. The Association for the Study of Peak Oil (ASPO) in Australia welcomes this report and hopes that it will raise the prominence of the issue in all levels of Government policy development.
The inquiry considered the question of 'whether Australia should be concerned about peak oil'. They correctly noted our fear 'that declining production after the peak will cause serious hardship if mitigating action is not started soon enough'.
Through written submissions and committee hearings, industry experts including members of ASPO Australia 'criticised what they regard as over optimistic official estimates of future oil supply with detailed and plausible arguments'. There has been plenty of economic bravado condemning these plausible arguments but the Senate Committee was not able to find 'any official agency publications which attempt to rebut peak oil arguments in similar detail'.