[OKC] Here comes $500 oil

[Shauna Struby]

>From Fortune, with stark charts for further edification .

 

Here comes $500 oil

If Matt Simmons is right, the recent drop in crude prices is an illusion -
and oil could be headed for the stratosphere. He's just hoping we can
prevent civilization from imploding.

 

By Brian O'Keefe
<http://money.cnn.com/2008/09/15/news/economy/500dollaroil_okeefe.fortune/ma
ilto:bokeefe at fortunemail.com;letters at fortunemail.com> , senior editor

Last Updated: September 22, 2008: 1:12 PM EDT

(Fortune Magazine) -- Matt Simmons is as perplexed as anyone that it has
fallen to him to take on OPEC, Exxon, the Saudis, and all the other
misguided defenders of conventional wisdom in the oil patch. Why should one
investment banker with a penchant for research be required to point out what
he regards as the obvious - that from here on out, oil supplies can't meet
demand, and if we don't act soon to solve this crisis, World War III could
be looming?

Why should a man who scorns most environmentalists have to argue that
locally grown produce and wind power are the way of the future? Why should a
lifelong Republican need to be the one to point out that his party's new
mantra - "Drill, baby, drill!" - won't really fix anything and that his
party's presidential candidate is clueless about energy? That the spike in
oil prices earlier this year wasn't a temporary market anomaly and the
recent retreat in prices is just a misleading calm before a calamitous
storm? That we're headed toward $500-a-barrel oil?

"I find it ironic that here we have the biggest industry on earth, and I'm
one of the few people to figure out that we have a major problem," he says,
in his confident if not quite brash way. "And I did it all in my spare time.
How stupid and tragic is that? I shouldn't be one of the only folks that
actually has a handful of ideas of how we can keep from blowing each other
up and get through this."

More here :::
http://money.cnn.com/2008/09/15/news/economy/500dollaroil_okeefe.fortune/ind
ex.htm 

 

::: shauna lawyer struby

 

 

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