Energy is essential to the way we live. Whether it is in the form of oil, gasoline or electricity, the worlds' prosperity and welfare depends on having access to reliable and secure supplies of energy at affordable prices. Improving how we acquire, produce, and consume energy is central to becoming economically and environmentally responsible and sustainable.
Friday, August 13, 2010
Matthew Simmons Showed the Supply of Oil Is Finite
The late Matthew R. Simmons’ greatest contribution was showing that the supply of oil is finite, said Edward Morse, the New York-based head of commodities research at Credit Suisse Group AG.
Simmons, an energy investment banker and leading proponent of the “peak oil” theory that claims the Earth is running out of crude, died Aug. 8 at 67 in an accidental drowning at his home in North Haven, Maine, local officials said. He made “remarkable contributions” in making the energy market transparent and helping the U.S. understand Saudi Arabia, Morse said.
“Perhaps the most important thing he drew attention to was the nature of decline,” Morse said in a radio interview today with Tom Keene on “Bloomberg Surveillance.” “Decline curves are real and they have to be dealt with and it’s an issue of policy as much as it is of investment.” More >>>