Buffett-Backed Occidental CEO Says Oil Shortage by 2025

Warren Buffett-backed Occidental Petroleum is predicting an oil supply shortage by 2025 due to global failure to replace crude reserves at a fast enough pace.  “We’re in a situation now where in a couple of years’ time we’re going to be very short on supply,” Occidental CEO Vicki Hollub told CNBC at the Smead Investor Oasis Conference in Phoenix, Arizona on Monday.  Noting that some 97% of the oil the world is currently producing is from discoveries made in the 20th century; yet, globally less than 50% of…