'Welcome to Peak Oil' - US military's glum energy outlook

The US Joint Forces Command has put out a report that predicts surplus oil production will be gone in a couple of years and that by 2015, serious shortages will hit the market: The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact.The energy crisis outlined in a Joint Operating Environment report from the US Joint Forces Command, comes as the price of petrol in Britain reaches record levels and the cost of crude is predicted to soon top $100 a barrel."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, which has a foreword by a senior commander, General James N Mattis.It adds: "While it is difficult to predict precisely what economic, political, and strategic effects such a shortfall might produce, it surely...(Read Full Post)