I have no sympathy for people who attack Mr. Simmons personally or resort to calling him names, but it certainly seems to me that something does not quite square with his fundamental argument. He explains in great detail why he believes oil should be more expensive in theory, and yet the real "Reality Check" - market prices - suggest otherwise.

Matt makes some good points, and we are watching the price rise again, 68 dollars yesterday.  Over the last few weeks new players have entered the game, comments that the recession is ending and general news about Iran and North Korea seem to be making the global oil market uneasy.  How long before the consumer starts to complain about high priced energy again, should be soon.

I've seen large mobiles hit the road again for cruiseing around basically doing nothing. I have seen almost no price drops in smaller fuel efficient cars that are wanted but not affordable for varoius reasons.I have seen many tense people by looking at their body language pulling into gas stations with many back seats filled with THEIR belongings maybe. Korea seems to be forcing an issue which is being ignored.Or at least it seems that way.Doubt that very many people know the inside to that one.

  So I would say that prices are riseing as they should for a consumption tax.But other taxes need to be dissolved in my mind.Course I am not really qualified to do debate that matter other than to express my opinion.

Has capital availablity peaked...not the junk money but real capital? If so, the demand for petroleum will be limited by lack of money to pay for the gasoline and diesel and we will not be able to afford to drill for more.  Matt Simmons touched on this with his chart on labor force decline in this recession. Will we have enought capital to pull ourselves out of this situation?

I believe capital is leaving the space because of the low returns traditionally achieved in Energy companies.  Now with low prices and soft demand capital has no incentive to participate.  Additioanlly the capital companies that would play in this space have been hit hard by the financial crisis and now the weakening dollar.  I hate to say it, but perhaps we nearing the end of the private energy company and we will need Obama to come save us with the government coffers.

Of course we have peaked! Unfortunately our economic team is using SWAPS on our supposed petroleum reserve to artificially lower the price. As Rod Kirby pointed out this will be counter-productive for our system in the long run.

The Peak Oil myth should be put to rest.

http://www.gasresources.net/

Artificial scarcity is the name of the game.

I think it is quite obvious we either peaked or came very close to peaking.  The inability of the market last year to provide inexpensive oil, and our inability to find any more inexpensive oil to bring the price down showed we were in trouble.  I think we were pulled back from the brink by the collapse of the global economy caused by some very bad policy decisions by our congress during the bush years and very poor judgement from the financial community.  The test will be as we recover, oil is all ready hitting 70 dollars.

Market prices are the "real reality check"?  If you haven't figured out how manipulated the market is by now, uh... ya wanna by some debt?

Of all markets, of all commodities, oil is going to be manipulated the most - it is what is going to truly alter the political landscape.

What happened to the electric car?  The price of oil.

Guys, I think Richard, Matt and Jim aught to do a round table with guys from both camps.  Let's get a bull and a bear to the table with the peak oil guys, Matt and Jim, and then let Richard who seems more or less nuetral moderate the reality of where we are.  I like the Reality Check format, and I appreciate actually being able to hear what Matt says in his presentations but this would be a lot more fun.

I think watching the oil price creep back up to $70 supports Matts theory.  The economic recovery has not even really begun, we are just hearing rumours that it might and that has driven the price back up.  Unlike Natural Gas, the idea that a global recovery might occur has the price of oil rising even more quickly than last time.  It took 10 years to approach the $100 dollar mark and we were saved from $200 dollar oil by a recession.  Will we have to have another recession to begin to understand just how valuable this commodity really is?

In the past month, the price of a barrel of oil has risen $15; it now stands at $72 per barrel. Prices have moved upward more or less steadily since hitting a bottom in February. Average gasoline prices have already risen $1 per gallon off lows hit in December.--This is

absurd. Prices should b much lower, especially in a recession.

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Mexico in decline, the North Sea in decline, Russia in decline, Gulf of Mexico production in decline, Canada putting off tar sands production, unrest in Iran, what more do you need to see to realize that oil, cheap oil, is becomming a thing of the past.  Is it right priced at $70; who knows but I know $30 was way too low.

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