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Oil prices will fluctuate as supplies fall short of demand for the commodity, said John Miles, group board director of Arup, part of the Task-force on Peak Oil and Energy Security, of which he is a spokesman.
He asserted there will be "a structural shift" in the pricing of oil - which could impact upon stocks and shares - and the commodity will simply get more expensive.
"Indeed it might be that it more or less gets phased out of the inventory. That's a possibility, but the price will go up in the meantime," Mr Miles said.
Along with Arup, other UK firms that form the task-force include Virgin, Scottish and Southern Energy, Solarcentury, Foster and Partners and the Stagecoach Group.
The weakening of the US dollar last week meant the price of oil during stock market trading rose above $81 (£54) a barrel.
Posted by Greg Secker
