The author of the Bush/Cheney energy plan: We’ve reached peak oil

Look for $500/barrel prices. Or higher. Learn to garden. Get comfortable walking shoes.

During a trip to Saudi Arabia in February 2003 with his friend Herbert Hunt (yes, the son of H.L. Hunt who, with his brother Bunker, almost cornered the silver market in 1980), [Matt] Simmons had become suspicious of the Saudis’ claims about the vastness of their oil supply. In his four decades of working in the oil and gas industry, everyone he had ever talked to had taken it as gospel that the Saudis had enough oil to bail the world out when other supplies ran short. If that wasn’t true, Simmons believed, the era of cheap oil was over.

Matt Simmons is an investment banker turned oil expert who continues to research, research, research the industry.

3 responses to “The author of the Bush/Cheney energy plan: We’ve reached peak oil”

  1. Robert [Groby] Blum

    While I do think that we need to conserve, I’m more than curious about this sudden change of mind. I’m sorry, but trusting words of people who worked on Cheney’s energy plan is not a good idea. (Same way it’s not a good idea to trust the stewards of our current disaster, Paulson and Bernanke)

  2. Bro-ski

    If you don’t want to take part in helping the US be “on our way to a New Clear Day” (ie fast-tracking of technologically safe Nuclear Power) then you might as well be crashing the Exxon Valdez on the coast…

  3. Susan A. Kitchens

    Robert, what I was struck with was the description of his research on the Saudi oil reserves. He read deep into their reports to reach his conclusions… that was 2003, I believe (I’m reciting from memory). I haven’t been following the fortunes of the oil industry closely enough to know what wa gospel in the late 90s, versus the early 00s., but I am impressed with the fact that this man does his own research and doesn’t delegate it to the young uns.

    Bro-ski, I keep waiting to hear more about Thorium reactors. They burn plutonium, and Thorium, by itself, is sub-critical, so it comes without the risks of dealing with weapons-grade material. Oh, and the decay life is way shorter than enriched uranium. Wastes don’t have to be contained for impossibly long times, just very long times. Sounds good to me, but I’ve only read one or two low-detail reports about thorium. India has a huge supply of the substance, so it’s good for their economy to mine it and develop it. It sounds, though, as a good way to generate electricity, especially in politically unstable places.