Peak Oil strikes 2015 - 2017: Oil price spike causes Worldwide Depression and Food shortages
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Uploaded by PaulRevere2012 on May 22, 2010
Department of Energy and Oil producers predict a Peaking of Oil Production between 2011 and 2015. 10% decline in Oil production by 2015 is foreseen in DOE report and oil supply deficit in 2015 equal to output of Saudi Arabia. By 2027, Oil production will only be able to supply 50% of World's needs unless new Oil projects fill the void. This is highly unlikely as Offshore drilling loses its appeal after the BP oil spill in the Gulf of Mexico. A World wide Economic collapse due to inadequate cheap energy is the result.
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