CHEAP oil has been the driving force behind the phenomenal economic growth of the past century, at least in the west. Oil is the lifeblood of the modern world. If we were to remove it tomorrow, it is no exaggeration to say that civilisation would collapse.

But the days of abundant, easy-to-extract oil are numbered. It’s a mantra we’ve all heard before. Oil production is poised to enter terminal decline: if “peak oil” hasn’t already arrived, it is imminent.

Make no mistake, peak oil is a threat to our way of life. However much we despair at the long-term consequences …