Sunday, April 18, 2010

Peak Oil Raises It's Ugly Head Again..............

A leading research institute is warning of crippling oil shortages within the next five years. They have a vested interest in getting the projection right… as they’re an arm of the world’s biggest oil consumer, the U.S. military.
"By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day," says the report from the U.S. Joint Forces Command.
The resulting economic slowdown “would exacerbate other unresolved tensions, push fragile and failing states further down the path toward collapse and perhaps have serious economic impact on both China and India."
And this scenario doesn’t even take into account more immediate factors -- also directly affecting the U.S. military -- that could drive oil from $85 to $220 in no time.

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