The Oil Drum

In my opinion, Matt Simmons--and others like Jim Kunstler, Kenneth Deffeyes, etc.--are providing an important national service in attempting to warn us of what is coming.

Mr. Simmons' book is exhaustively researched and documented. I recommend that you read the entire book, but if you only read part of the book, read the chapter on Ghawar, the largest oil field in the world. Probably 99.99% of Americans have never heard of Ghawar, but as goes Ghawar so goes the world economy.

The Saudis are proudly boasting of their reserves and of their ability to ramp up their production. In Texas in 1972, Texas oilmen were similarly confident.

In 1972, Texas was producing an all time record high amount of oil. Since then? Texas oil production has fallen for 33 straight years. If Texas were the sole source of crude oil for the world, for every four gallons of gasoline that we bought in 1972, we would be bidding for one gallon today.

Once, Texas was as Saudi Arabia is today. Soon, Saudi Arabia will be as Texas is today--a permanently declining oil province.

Hopefully, just as Great Britain finally listened to Churchill and started preparing for war, Americans will start listening to Matt Simmons, et al, and start preparing for a vastly different way of life.