Matt Simmons is the president and founder of Simmons and Company International, one of the largest investment banks serving the oil industry. Simmons's company has invested billions of dollars in oil-related technology and played a major role in the development of new technologies over the past thirty years. He says the industry "doesn't have any new technology coming on line," adding that "the idea new oil extraction technology can save us is a complete fallacy." Simmons thinks that world oil production may have peaked in 2005 and said "the odds of us not peaking in the next five years are zero." Simmons called the work of Congressmen Udall and Bartlett "a heroic effort to awaken our country to this threat to the survival of our economy."
Friday, March 30, 2007
GAO Warns Threat of Peak Oil is Looming
Truthout is reporting that the Government Accountability Office is warning that Peak Oil is a "Looming Threat to U.S. Oil Supply." Here's a quote from Matt Simmons, a leading expert on world oil stocks:
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2 comments:
Wouldn't it be a good time to steadily increase taxes on oil and move to mass transit, and renewable forms of energy.. oh wait.. wrong Administration.
The problem with peak oil is that it is always looming. Once the price of oil increases enough to make oil sands and oil shale profitable, we'll have vast new sources of oil and the peak will likely move again. And that is just one new source.
Why would you increase oil taxes when the market is already going to increase prices for you? When last I checked, raising gas taxes wasn't a partisan issue with clear cut sides. There are a lot of people on the right who oppose it because it will be very economically regressive and a lot of people on the left who oppose it because it will impact low-income families the most.
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