More signs of cheap oil’s end |

More signs of cheap oil’s end

Allen Best

JACKSON HOLE, Wyo. – Well before Hurricane Katrina hit the Gulf Coast, many analysts were warning of the approaching decline of world oil supplies.In Jackson Hole, a lecture series included Matthew R. Simmons, author of a new book called “Twilight in the Desert.” In that book, he argues the United States should not count on Saudi oil, which last year constituted 15 percent of U.S. consumption.”Saudi Arabian oil production is at or very near its peak sustainable volume … and is likely to go into decline in the very foreseeable future,” says Simmons, who is on the National Petroleum Council and the Council on Foreign Relations.”We were crazy as a society to think that oil prices were basically fair at two cents a cup, which is what we average,” he said a standing-room only crowd in Jackson Hole. “I don’t know that there’s a single other thing we buy today that we buy for 10 cents a cup.”He emphasized that the current predicament has been caused by the willingness of citizens’ to believe falsehoods about limitless energy.

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