This morning on CNBC I was on a peak oil panel with Matthew Simmons. I’m a fan of his, even if I don’t always agree with some of his comments, but I thought this morning wasn’t one of his best performances.
First, I thought he pushed out the peak, talking squishily about a few years rather than saying it was already here. Correct me, but I think that’s new.
Second, he was softer about the Saudis than usual. First he argued that fields there may not be in decline, but we are seeing higher production costs. Then he turned around and argued that production is in decline, and Saudi data can’t be trusted so we need to send in auditors. I have trouble with both of those arguments, and both seem like material changes in his views.
Finally, he concluded by saying prices are headed higher, but wouldn’t take a strong stand on amounts and timing. That too struck me as strange.
What’s up Matt?