Energy Crisis, A Discussion with Matt Simmons Pt2

[Glowbetraveler]

Of course Matt is right on the ball. Americans dispose on average 5-10% of their net income on energy cost for transportation. When prices go up, just consider it a tax on driving. And as we know, taxes drive the economy in the wrong direction.

[marzinhorecife]

Good.

[yoyo762]

blah,blah,blah....oil swooning to 40 soon. some peak, eh? I call that a glut. We've got plenty of oil, idiot alarmist simmons.

[christo930]

We are enjoying a temporary demand destruction with a global recession which was, in part caused by high oil prices due to demand out stripping supply. When the economy tries to come back full strength we are going to see the same thing again with high oil prices. Our #3 importer (Mexico) is experiencing very high decline and their largest field is down well over 1mbd to 700k a day. With China picking up speed, where will we get another Mexico?

[speculawyer]

Technically, Demand destruction is the permanent removal of a demand source. Most of the reduced demand we see now is just recession based and will come back if we get out of the recession. Then the fireworks start . . . no, not celebration fireworks.

[christo930]

I think the high oil prices are playing a part in keeping the economy down.

[speculawyer]

Oil is double that price now. Who's the idiot?

[christo930]

Record oil prices in the worst recession in 80 years! Oil should be down around 10-20. China has been growing at nearly 10% since 2005, yet oil production remains flat. How is that?

[Geostars]

So much for "Peak Oil".

[mycatisromeo]

excellent video. so sad that only 2300 people have seen this on youtube. yet 3,000,000 people have seen a "silly-cat video"