[OKC] US military warns oil output may dip causing massive shortages by 2015

[Shauna Lawyer Struby]

This article is from the U.K.'s Guardian. A few blogs have written about the
report and the Canadian Financial Time covered it a bit. So far I've been
unable to find any coverage by U.S. media of the 2010 JOE report, its info
and assessment of peak oil and climate change. 

 

US military warns oil output may dip causing massive shortages by 2015

Terry Macalister

11 April 2010

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.

 

"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
would reduce the prospects for growth in both the developing and developed
worlds. Such an 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."

 

The US military says its views cannot be taken as US government policy but
admits they are meant to provide the Joint Forces with "an intellectual
foundation upon which we will construct the concept to guide out future
force developments."

 

The warning is the latest in a series from around the world that has turned
peak oil - the moment when demand exceeds supply - from a distant threat to
a more immediate risk.

 

The Wicks Review on UK energy policy published last summer effectively
dismissed fears but Lord Hunt, the British energy minister, met concerned
industrialists two weeks ago in a sign that it is rapidly changing its mind
on the seriousness of the issue.

 

Full article here :::
http://www.guardian.co.uk/business/2010/apr/11/peak-oil-production-supply 

 

Shauna, OKC

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