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Oil Shortage Predicted by 2015 Per U.S. Researchers

An oil shortage is predicted by 2015 per U.S. researchers. The International Energy Agency released a report on April 15,2010 with dire predictions for oil consumption and prices. The IEA found that the oil demand, by the end of 2010, will reach an astounding 86.6 barrels a day with a 2% rise from 2009, thereby breaking the 2007 record by 100,000 barrels a day.

Economists feel the imminence of the IEA's prediction. The IEA's report maintains: "Ultimately, things might turn messy for producers if $80-$100 per barrel is merely seen as the new $60-$80, stunting economic recovery while prompting resurgent non-oil and non-OPEC supply investment." Economists fear the already weakened economy could collapse entirely with increased oil prices.

The United Kingdom's Guardian published: "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 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." The excerpt was from report written allegedly by the United States Army with a foreward by Senior Commander General James N. Mattis.
The report furthers: "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."

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