This inquiry was prompted by the question of whether Australia should be concerned about 'peak oil': the theory that global conventional oil production will reach a peak and then start an irreversible decline soon enough to be of concern.

It concludes that the possibility of peak oil before 2030 should be a matter of concern, and discusses possible supply side responses to long term high oil prices – including more exploration for oil in Australia; alternative fuels from gas, coal and oil shale; and biofuels – and demand side responses to reduce dependence on oil-fuelled transport.

The items most mentioned in evidence were encouraging more fuel efficient vehicles, reducing reliance on cars for transport in cities, and encouraging more use of railways for long distance freight.