Matt Simmons | |
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Oil costs must keep rising. Wanna bet?, by John Tierney of The New York Times [2005 August 25]
"I don’t share Matthew Simmons’ angst, but I admire his style. He is that rare doomsayer who puts his money where his doom is. After reading his prediction, quoted Sunday in the cover story of The New York Times Magazine, that oil prices will soar into the triple digits, I called to ask if he’d back his prophecy with cash. Without a second’s hesitation, he agreed to bet me $5,000."Matthew R. Simmons: A Diminished Future for Saudi Oil, Part Two in our series on the coming crisis of oil politics and production shortages, Interviewed by Jim Motavalli eMagazine [2005 May/June] "Matthew R. Simmons: don't count on Saudi oil. "The most critical question facing the world energy market is whether Saudi Arabia can substantially increase its oil production to meet rising world demand in the years ahead. Sparked by personal observations of Saudi oil wells which led him to suspect that some Saudi fields were in decline, Matt Simmons has created a compelling case that Saudi Arabia production will soon reach an apex, after which its production will decline and the world will be confronted with an immense and potentially catastrophic oil shortage. The factual basis of the book is over 200 technical papers published over the last 20 years which individually detail problems with particular wells or particular fields, but which collectively demonstrate that the entire Saudi oil system is “old and fraying.” Based on his analysis, Mr. Simmons asserts that sudden and sharp oil production declines could happen at any time. Even under the most optimistic scenario, Saudi Arabia may be able to maintain current rates of production for several years, but will not be able to increase production enough to meet the expected increase in world demand. Eventually, the reckoning day will come and the world economy will be confronted with a major shock that will stunt economic growth, increase inflation, and potentially destabilize the Middle East. Presentations on Peak Oil by Matt Simmons at Simmons International website
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