Jun 2008

T. Boone calls the peak

If you’d spent the past 10 years or so reading about the oil industry, you would have heard about a man called ‘T. Boone Pickens’ on a number of occasions and secretly thought to yourself, “what a fantastic name!”

Pickens is one of the most respected men in the Texas oil industry and has been for many years. Like other industry insiders (such as Campbell and Laherrère) and academic petrogeologists (such as Deffeyes), Pickens is the sort of guy whose opinion on this subject should be listened to. He knows more about the global oil industry than damn near anybody else you care to mention. So if his views are found to contradict the models and forecasts of economists, it can only be blind faith in the free-market that allows a person to summarily dismiss the former in favour of the latter.

Anyways, two days ago Pickens was invited to speak before the Senate Energy and Natural Resources Committee where he stated in stark terms that global crude oil production has peaked.

And Pickens is very firmly putting his money where his mouth his. He is currently in the process of financing the world’s largest Wind Farm project.

Posted in: Opinion