Energy prices could surge over the next 10 years as the era of cheap and readily-available oil comes to an end, a new report has warned.

According to the United kingdom Department of energy Enquiry Council (UKERC), there is a major danger that oil production could peak by 2020 as resources become harder to find. With the ten largest oil-producing fields in the globe now in descent, the report claimed that even major new discoveries will not be enough to prolong supply. (more…)