[GJM] Fw: Fwd: Matt Simmons says we have reached Peak Oil now

[marguerite hampton]

------Original Message-------
 
From: Janaia Donaldson
Date: 02/02/07 23:00:11
To: undisclosed-recipients:,
Subject: Fwd: Matt Simmons says we have reached Peak Oil now
 
The link may not be up for long. 7 minute video  interview. Watch it at
http://www.theoildrum.com/node/2239.
Janaia


Janaia Donaldson
Yuba Gals Independent Media
janaia2004 at yubagals.com
530-265-4244 (California)
www.peakmoment.tv




Published on 1 Feb 2007 by Bloomberg. Archived on 1 Feb 2007.
Simmons says global oil supply has peaked
by Rhonda Schaffler
Matthew Simmons, chairman of Simmons & Co. International in Houston, talked
yesterday with Bloomberg's Rhonda Schaffler about the need to address energy
use, his view that global supply has peaked and the likelihood oil prices
could reach as much as $300 a barrel. (Source: Bloomberg) 

[Transcription of the first few minutes of the interview]

Q: Tell me how you draw your conclusion that at this point we've hit Peak
Oil.

A: If you look at the numbers and you follow what's going on starting with
Mexico's giant Cantarell field which is now in a very serious state of
decline and then you look at the North Sea and you see just the UK and
Norway, it's pretty obvious to me that those three areas alone could
actually decline by between 800,000 and 1 million barrels a day in 2007.

That pretty well wipes out almost all the production gains coming onstream
and in implicit in that it assumes that everyone else is flat. 

So I think basically too many of our oil fields are too old. Too many now
are in decline. The Middle East is basically out of capacity. they're some
projects that are being worked upon, but most don't hit the market until
2008, 2009 and we're running out of time. 

... I am firmly of the belief that over the course of the next year or two,
this issue of peak oil will replace global warming as an issue that we're
all worrying, debating and talking about.
Link: 

http://www.energybulletin.net/25544.html


















 
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