Houston Investment Banker - I Believe In Peak Oil
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How I Came to Believe in Peak OilBy EV World
Houston investment banker and Twilight in the Desert author Matthew Simmons talks about his conversion to a peak oil advocate.
October 31, 2006 It was near the end of the Clinton Administration when an assistant to newly appointed Energy Secretary Bill Richardson called Matt Simmons and asked him to prepare a multi-bullet pointed brief on the current state of the oil and gas industry. The term peak oil never appeared in that document, Simmons told an audience of some 500 industry professionals, academicians, environmentalists, students, media and interested members of the public. In 2000, the Bush presidential campaign asked him to prepare a similar document and again, peak oil wasn't to be found. Why? Because as late as 2002, a man who has spent more than three decades vetting and financing more than $60 billion dollars in energy projects around the world was completely unaware of the notion that someday soon the demand for oil and gas will outstrip the industry's ability to supply it. Today however, Simmons who says he still spends 50-70 hours a week studying energy production
data is convinced the world is facing a crisis of profoundly disruptive significance. In fact, during his 28-minute talk, which EV World recorded to video and is featured below, he speculates that if world oil production remains flat or continues to decline as it has the last six months, then the world may have reached peak already. As anyone who has studied peak oil will readily attest, the point at which demand exceeds production doesn't mean there is on more oil to exploit. It means there will be progressively less cheap oil available and the world will have to turn to more difficult to reach, dirtier in terms of carbon and other pollutants, and more difficult to refine; all of which means it will cost far more in the future. Peak oil isn't about the end of oil, just the end of cheap oil, and that in itself will have profound implications for modern society.
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