US military warns oil output may dip causing massive shortages by 2015 | Business | The Guardian

We’re stuffed. These figures basically announce a Greater Depression. I shouldn’t have got into our super-sized mortgage. Oh well. I’ll have to learn to be content if we have food and a safe place to sleep.

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.

The energy crisis outlined in a Joint Operating Environment report from the US Joint Forces Command, comes as the price of petrol in Britain reaches record levels and the cost of crude is predicted to soon top $100 a barrel.

“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 report, which has a foreword by a senior commander, General James N Mattis.

via US military warns oil output may dip causing massive shortages by 2015 | Business | The Guardian.

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