Reddit mentions of Crisis Preparedness Handbook: A Comprehensive Guide to Home Storage and Physical Survival

No, oils will go rancid. That doesn't only go for things like shortening and butter, but also for items you wouldn't expect, like rice (Long Grain Brown Rice has a shelf life of 6 months). Almost any food has oil of one type or another in it, and rancidity is just a matter of time.

I should be clear that shelf life is an extremely hard thing to get hard numbers on. There is a certain amount of nutritional loss as food ages, but what is considered "bad" food is usually a subjective measure based on how much rancidity you can stomach. Most of the information you find will come from survival nuts and their first hand experience, not any sort of scientific study. Obviously there is a lot of conflicting information out there.

If you are really curious here is a good starting point - https://www.usaemergencysupply.com/information_center/storage_life_of_foods.htm

And if you want to become one of us food storage survival nuts who are worried about a long emergency, this book is a good starting point - http://www.amazon.com/gp/product/0936348070/ref=oh_o06_s00_i00_details