Experts warn of $100 U.S. a barrel oil

Matt Simmons, CEO of an investment bank specializing in energy, suggests after much research that Ghawar, the largest of the world’s oil fields, is facing imminent decline. Just last week Kuwait officially reduced by half its stated, proved reserves. There’s not much comfort to be gained from our own Alberta tar sands either. Sure, production is in heated-up mode, for now that the price of a barrel approaches $70 U.S. again, it is apparently slightly profitable, though very energy-intensive and extremely polluting to the sub-Arctic environment.