US Military Thinks Oil Shortage is Imminent

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.  via eCatNow, Energy Catalyzer- E-cat and Guardian UK

This is a relatively old report going back to April 2010, so it is over a year old.  Oil production capacity has been tight for several years now, and may get tighter sooner rather than later.  The most likely outcome will be higher prices, as the article says.  In my opinion, the E-cat needs a lot of upgrading before it can be a significant player in this scenario.