US military warns oil output may dip causing massive shortages by 2015
• Shortfall could reach 10m barrels a day, report says
• Cost of crude oil is predicted to top $100 a barrel
• Cost of crude oil is predicted to 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.
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