US Military Warns of Oil Shortages by 2015
Posted by Max Dunn Mon, 12 Apr 2010 15:13:00 GMT
The US military has warned 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.
“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,” says the Joint Operating Environment report from the US Joint Forces Command.
It adds: “While it is difficult to predict precisely what economic, political, and strategic effects such a shortfall might produce, it surely would reduce the prospects for growth in both the developing and developed worlds. Such an economic slowdown would exacerbate other unresolved tensions, push fragile and failing states further down the path toward collapse, and perhaps have serious economic impact on both China and India.”
(From: guardian.co.uk)
Here is another review of this military report that warns that “The implications for future conflict are ominous.”:
Joint Operating Environment 2010: Oil Supply Concerns
Here is the source report itself:
Joint Operating Environment