Drumbeat: February 13, 2012

In the Pipeline: Peak oil unable to avert energy crunch

A report issued in February 2010 by the US Joint Forces Command stated that “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.”

It goes on to say that a severe energy crunch is inevitable and “one should not forget that the Great Depression spawned a number of totalitarian regimes that sought economic prosperity for their nations by ruthless conquest.” One hopes that this is not the US agenda – or is it?

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