What if… The world at US$200 a barrel

During 2012, the UK consumed 1,468,000 barrels of oil every single day, according to BP. So what would happen if the price of those barrels, currently just above the US$100 mark, were to suddenly double, or even triple? It’s not beyond the realms of possibility – oil prices peaked at US$145 in July 2008, and though fracking may appear to have averted an imminent peak in the oil supply, the majority of proven reserves and many supply lines remain located in some of the world’s most volatile regions. Oil plays a role in practically every aspect of modern life, which means that a major price rise would surely have profound consequences. Exactly what those consequences might be is the subject of this October cover feature for Modus, the magazine of the RICS.