What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
Waking up to the threat of 'peak oil'
Publication date:
2008-08-19
First published in:
MinnPost.com
Abstract:
The recent dip in the world oil market has given consumers relief from surging pump prices, and has investors and commentators waxing with hope that the dip will become a trend.
But don't bet on it, says energy expert Matthew Simmons. Along with the likes of oilman T. Boone Pickens whose celebrated national campaign calls for a radical shift away from oil dependence, Simmons says that all fundamentals remain in place for energy prices to resume their skyward climb to levels quite beyond records of a month ago.
But don't bet on it, says energy expert Matthew Simmons. Along with the likes of oilman T. Boone Pickens whose celebrated national campaign calls for a radical shift away from oil dependence, Simmons says that all fundamentals remain in place for energy prices to resume their skyward climb to levels quite beyond records of a month ago.
In fact, in 2005 Simmons personally wagered $5,000 that the worldwide price per barrel would top $200 by 2010 (it was at a record $147 on July 11, and closed Friday at $113.77 on the New York Mercantile Exchange). Simmons fully expects to win the bet...
Published in: http://www.minnpost.com, 2008-08-19
Available from: Minnpost.com
