Minnesota State Legislators Meet To Discuss Oil Reserves Drying Up

Today, state legislators listened to the dire warnings of an energy leader at the Minnesota State Capitol.

The world’s oil reserves are drying up according to Matthew Simmons, an energy investment banker from Houston who has recently written a book on the subject.
Simmons says oil production has already peaked and soon supply won’t be able to keep up with demand.

“The demand models show that oil growth is just going to continue on straight up and the problem is: if we’re peaking now, it’s the gap between we needed 115 million barrels a day to -whoops – it looks like we only have 60 to use and it will create social chaos,” says Simmons.

Already, a major oil company is recognizing the seriousness of this of this potential crisis.

Simmons says Shell Oil CEO Jeroen van der Veer is already preparing his company for a bleak future.

“He sent it out to every world-wide employee of Shell Oil Company and he basically said we’re at a critical crossroads in history and by 2015 the world’s demand for oil is going to outpace any way to supply it,” says Simmons.

Even though we currently have enough oil, Simmons is warning people to plan for the worst case scenario.

“I think for planning purposes we should assume we’ve already passed the peak for crude oil a couple years ago and we might be lucky enough to hang around the current base for 3-4 years but we shouldn’t plan on it. If you plan for something worse it makes it easier to adjust,” says Simmons.

To conserve our remaining stores of oil, Simmons urges people to make dramatic lifestyle changes, such as traveling less and working from home.”

Northland Newscenter