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Former GW Bush energy advisor and investment banker Matthew Simmons talks about why we're in deep doodoo.
In a separate interview, he mentions that 4% of income on gas is way too low. To appreciate gas's true cost, Americans need to be spending much much more of their income on gasoline.
On a more fun note: In 2005, Matthew made a bet of $2500 that oil would reach $200 barrel. Wonder if he'll be right?
If it's too late, why are we even having this discussion?
Because what else are we going to discuss? Conservation? Improved energy efficiency?
That implies a lot of personal responsibility and consumer accountability. Complaining about not having enough oil and blaming those nasty environmentalists is much easier. Pointless waste of time, but we need to place blame and complain.
Former GW Bush energy advisor and investment banker Matthew Simmons talks about why we're in deep doodoo.
In a separate interview, he mentions that 4% of income on gas is way too low. To appreciate gas's true cost, Americans need to be spending much much more of their income on gasoline.
On a more fun note: In 2005, Matthew made a bet of $2500 that oil would reach $200 barrel. Wonder if he'll be right?
If it's too late, why are we even having this discussion?
I am sure he is betting more than 2500 bucks. He is probably speculating to the hilt and is talking his book right now. Too late equates to more fear and higher prices.
I am sure he is betting more than 2500 bucks. He is probably speculating to the hilt and is talking his book right now. Too late equates to more fear and higher prices.
I think that's an inaccurate statement. Why would Simmons folllow up that we're going to drive less and get paid for productivity as opposed to standard 9-5 if he wants to line his pockets?
I think that's an inaccurate statement. Why would Simmons folllow up that we're going to drive less and get paid for productivity as opposed to standard 9-5 if he wants to line his pockets?
These follow up statements are still consistent with instilling fear and driving up the price.
We are going to drive less because the price s are going up. We are going to have to be more productive to try to mitigate the additional price increases.
I thnik we all have to realise that drilling now will do the same thing as if we had drilled five-ten years ago. That crude would be prodicing now but we will need it more i teh future. Price seems bad now but it is ntohing comapred to when it gets lower and their are gas lines.You always pass energy bills planning for the future.Just as any aternative that makes a dent in crude will be costly and much longer in coming. We are even looking they saty at a 25% rise in heating cost next winter the same as the south is getting large bills for cooling now.
I thnik we all have to realise that drilling now will do the same thing as if we had drilled five-ten years ago. That crude would be prodicing now but we will need it more i teh future. Price seems bad now but it is ntohing comapred to when it gets lower and their are gas lines.You always pass energy bills planning for the future.Just as any aternative that makes a dent in crude will be costly and much longer in coming. We are even looking they saty at a 25% rise in heating cost next winter the same as the south is getting large bills for cooling now.
Correct, but it goes with the saying "you can't drill your way out of this mess"
We can drill and REALLY tighten our belts while we wait for that sweet black gold. Even then, we'll only really be making up for fields already in decline.
These follow up statements are still consistent with instilling fear and driving up the price.
We are going to drive less because the price s are going up. We are going to have to be more productive to try to mitigate the additional price increases.
The price goes up. He lines his pockets.
Another thing Simmons mentions is that oil companies are not a great investment, but rather oil services companies. The profit margin for oil companies will be razor thin compared to now, which is only 10%.
I just don't buy the intentional fear factor. He's extremely conservative and has always appeared very rational.
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