Who is Matthew Simmons? From wikipedia: Matthew Simmons, founder and chairman emeritus of Simmons & Company International, is a prominent oil-industry insider and one of the world’s leading experts on the topic of peak oil.
Matthew Simmons is saying there’s another giant leak in the Gulf of Mexico spewing massive amounts of oil into the Gulf of Mexico. He he says he’d be surprised if BP lasted this summer, saying this is disaster is entirely BP’s fault.
He says the leak in the Gulf is 120,000 barrels a day. This is double what the high end estimate had been: 60,000 barrels. Recall that BP and the government for weeks had claimed only 5,000 barrels. BP has been publically low-balling the estimates.
An estimate is that the oil reservoir is 1.5 billion to 2.5 billion barrels. At 100,000 barrels a day, that’s at least five years of leaking to empty it. It might be up to eight.
Simmons’s doomsday scenario is long term: the ruin of the Atlantic ocean in a three-decade period. But there is a short-term mini-threat: a hurricane that blows oil all over the oil refineries of Texas and Louisiana. Most of our refineries are within hurricane radius.