Branson fears oil will cause biggest recession

peakoil.com -> business.timesonline.co.uk :

Sir Richard Branson, the billionaire entrepreneur, has warned that any conflict with Iran could push oil prices over $100 a barrel and trigger "the biggest recession we have ever seen". Iran is the world's fourth-largest oil producer. International concerns over the country's nuclear developments have risen in the past month, but Sir Richard warned that any military intervention in the region would prove "disastrous" for the world economy.

Sir Richard called for urgent investment in alternative energy sources to replace the rapidly dwindling stocks of fossil fuels such as crude oil. Sir Richard was also critical of the efforts of the major oil companies, which over the past year have booked record profits on the back of record-high oil prices. He said they had so far "only dabbled" in exploring green energy sources.

Sir Richard's Virgin Group is spending around $600 million to $700 million more on fuel costs than it did three years ago. "That focuses the mind somewhat," Sir Richard said. There is a suggestion that the Virgin entrepreneur is even considering investing in his own oil refinery to service his various transport businesses. Virgin Fuel, part of Sir Richard's Virgin Group, which also spans fuel-intensive businesses such as air travel and trains, has invested in the development of "clean" ethanol-based fuels. "We all have a responsibility. Companies need to look at investing in cleaner energy sources. Individuals need to think about double-glazing and hybrid cars," he said.

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