German military study warns of dramatic oil crisis  

Two Circles has a post on a report on peak oil (pdf - german) written by the German military - Secret German military study warns of dramatic oil crisis (referring to this article in Der Spiegel).

A confidential German army study warned of a looming oil crisis which could have dramatic political and economic consequences for the world, the Hamburg-based weekly news magazine Der Spiegel said Tuesday.

According to the report, a think-tank of the German army has for the first time ever analyzed the security policy dimensions of the peak oil problem.

Peak oil is the point at which oil production reaches its maximum and then declines.

Many experts say global oil production will either reach its peak this year or in 2011.

The authors of the military study point to the dramatic impact of an irreversible global energy resource shortage which could trigger major turbulences on the world's financial markets.

The secret report highlights also likely shifts in the global power balance and severe political and economic crises as a result of peak oil.

The security and political repercussions of peak oil could take place with a delay of 15 to 30 years.

The study refers to oil as a decisive factor in shaping new international relations and the added significance of oil-producing countries in the future global political system.