Surplus oil production capacity could disappear by 2012 a report from US Joint Forces Command, says. Photograph: Katja Buchholz/Getty ImagesUS Military Warns Oil Output May Dip Causing Massive Shortages By 2015 -- The Guardian
• Shortfall could reach 10m barrels a day, report says
• Cost of crude oil is predicted to top $100 a barrel
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.
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My Comment: To say that such a shortfall will significantly impact all nations dependent on oil is an understatement. Unfortunately for all of us .... present government policy is more focused on finding alternative energy supplies, not developing and expanding existing one. There will be a day of reckoning for such a focus .... and it appears that it is going to happen sooner rather than later.
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