Matthew R. Simmons
Chairman
Simmons & Company International

There is one question that I believe is the singular question shaping the future of our industry and our society: Is the supply of oil and gas now peaking? Its answer might even dictate how the rest of the still-new 21st century plays out.

The peaking of hydrocarbon supply is critical not just to our industry's future, it is enormously important to our global economic behavior. With this in mind, I am amazed that the issue of peak oil has remained cloaked in almost total obscurity for such a long time. I am also astonished at the virtual lack of easily obtainable production data to address the growing peak oil debate.

Finally, it surprises me that so many powerful energy voices still dismissively maintain that peak oil will not happen any time soon - some say not for 50, 70 or even 100 years. Even worse, most who scoff at peak oil think the term means "running out of oil" instead of the true definition: "oil production can no longer grow."

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