A Tale of Two Planets - A Report on the Conference “Future of Global Oil Supply: Saudi Arabia" Washington DC, February 24th 2004
: “I think we should worry about the future”, said Simmons after his presentation. “I think we should basically look at this like we looked at nuclear warfare and say that would be so awful if it happened – let's do something, put in a warning system.” Referring to Saudi claims of decades of future supply, Simmons said “we're just stupid as a society to say ‘now I know we don't have any problems'. Fifty years is great if that's right. But if it's wrong, that's awful.”
If the Saudis are right, the industrial world has decades more of abundant and cheap oil. If Matt Simmons is right the world is almost certainly in for global oil production decline before the end of the decade. Taken together with the baseless 1980s Middle East reserves increases and no new mega-finds elsewhere, this will most likely signal the end of the oil age.