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Monday, September 7, 2009

Matt Simmons On Peak Oil

Matt Simmons has written an article here counter-attacking the recent spate of attacks on "peak oil". Simmons is as much an expert, if not more so, than any of the authors he mentions (one of whom, Michael Lynch, won the Samurai Trader "Idiot of the Week" award for his piece). Here is a salient quote from the article:

In my view, while Yergin, Lynch, Morse, and Jaffe, are articulate in their theories, none seem to have any strong sense of the brutally grim reality of today's oil markets. The facts speak for themselves: Oil flows have peaked, technology is now mature, the people running the industry are far too old, and few top-notch graduates are interested in embarking on a career in such a volatile field.


Believe what you will, but dismiss Matt Simmons at your own peril.

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