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Virgin Blue Holdings Ltd (ASX:VBA) chief Richard Branson has warned the price of oil could rise to $US200 a barrel.

Bloomberg reports Mr Branson said the price jump is certainly conceivable unless the world begins to conserve energy faster and come up with alternative fuels.

According to JPMorgan Chase crude oil is expected to soar to $US120 a barrel before the end of 2012, underpinned by increasing demand from emerging economies.

Last week oil prices reached a 25-month high of $US89 a barrel.

Bloomberg reports that Mr Branson has predicted an unbelievably painful economic slump if governments fail to promote alternatives to fossil fuels such as oil.

Virgin Blue booked a net profit of $21.3 million in fiscal 2010.