German Military Braces For Peak Oil

myrdos2 writes "A study by a German military think tank leaked to the Internet warns of the potential for a dire global economic crisis in as little as 15 years as a result of a peak and an irreversible decline in world oil supplies. The study states that there is 'some probability that peak oil will occur around the year 2010 and that the impact on security is expected to be felt 15 to 30 years later. ... In the medium term the global economic system and every market-oriented national economy would collapse.' The report closely matches one from the US military earlier this year, which stated 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."

Comments

Re:Old news, buy oil stocks.

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We've not discovered half the oil there is by far. There's still the arctic and antarctic reserves to discover. There's more oil off of Roosevelt Island than we've burned so far. Even if we tapped those, the global oil supply is a fraction of the methane clathrates that sit on every ocean floor. We'll be in Carbon fuel surplus for a hundred years or more. We should conserve it, but let's not panic. Our kids may find even more, or moot the question.