Is this just a scare tactic, or is the military seeing things more accurately than the rest of our government? In contrast with rosier predictions by others — others such as the Department of Energy — a new Pentagon report paints an ominous picture of world-changing oil shortages just a few years away, the Guardian reports:
“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.
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.”