The UK could face a major hike in the cost of transport and consumer goods unless action is taken to address an impending "oil crunch", business leaders have warned.
According to a report entitled The Oil Crunch - a wake-up call for the UK economy, transport could grind to a halt as rising oil costs cause fuel prices to rocket.
The document was produced by a team of business experts including Virgin Group founder Sir Richard Branson, as well as Stagecoach chief executive Brian Souter.
It claimed the next UK government must take urgent steps to address the potential crisis by developing contingency plans for transport and secure sources of alternative energy.
"Unless we do so, we face a situation during the term of the next government where fuel price unrest could lead to shortages in consumer products and the UK's energy security will be significantly compromised," the authors said.
Last December, the Road Haulage Association expressed its disappointment at plans to raise fuel duty for the fourth time in 18 months this April.
It said the "stunning" series of increases was reducing UK competitiveness and driving up costs for UK industry.
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