Always sobering to hear the Matt Simmons prognostications. Much of the same ones he has been saying repeatedly in his past blue presentations. There is one comment though that I don't think sounds quite right. He states that high oil prices, even at 150$bbl, "... did not cause catastrophic economic damage."

While maybe not catastrophic, there were quite a few airlines that went under, the trucking industry was singing the blues, consumers were too. What would have happened if the price had hovered at this level throughout 2008 and to the present? Catastrophe? Granted, there were some side effects that were beneficial: reduced demand, revenues to the oil exporters, etc.. I am not sure he has this story quite right.