DEEPWATER FIREFire boat response crews battle the blazing remnants of the oil rig Deepwater Horizon off the Louisiana coast in the Gulf of Mexico, April 21, 2010. A Coast Guard MH-65C dolphin rescue helicopter and crew document the fire aboard the mobile drilling unit Deepwater Horizon, while searching for survivors. Multiple Coast Guard helicopters, planes and cutters responded to rescue the Deepwater Horizon's 126 person crew. U.S. Coast Guard photo
Military Study Warns Of A Potentially Drastic Oil Crisis -- Spiegel Online
A study by a German military think tank has analyzed how "peak oil" might change the global economy. The internal draft document -- leaked on the Internet -- shows for the first time how carefully the German government has considered a potential energy crisis.
The term "peak oil" is used by energy experts to refer to a point in time when global oil reserves pass their zenith and production gradually begins to decline. This would result in a permanent supply crisis -- and fear of it can trigger turbulence in commodity markets and on stock exchanges.
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My Comment: I personally believe that 'peak oil' is still a long way off, but the problem today is not peak oil .... the problem is international politics and the unstable governments that possess much of the world's oil supply.
A major Middle Eastern war, a civil war in Nigeria's oil producing delta region, a collapse of the Venezuelan government and economy, limits to russian oil exports, U.S. moratoriums on off shore oil development .... this is what can (and will) cause a drastic oil crisis, and all of the political/military/ national security consequences from it.