Waking up to the threat of ‘peak oil’

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.


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.

MinnPost.com