Shell exec says world not running out of oil

John Hofmeister, the Houston-based president of Shell Oil’s U.S. operations, express doubt about the validity of peak oil theory in an appearance on CNBC’s Squawk Box show. “The peak oil theory has really swamped the world. God bless Matt Simmons,” Hofmeister told CNBC anchor Carl Quintanilla, according to a transcript provided to WND by CNBC. “His assumptions are correct based on his hypotheses, but his hypotheses are too narrow.”

Matt Simmons, a Houston-based investment banker who specializes in the energy industry, is widely known for his 2005 book, “Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy,” in which he analyzed oil depletion data from Saudi Arabian wells. The peak oil theory argues the world’s oil resources are finite and will be completely exhausted at a future date.

This has been predicted about as often as the “Population Bomb” stuff that we would all be starving to death by now.

Hofmeister explained to the CNBC audience why he believed Simmons’ hypotheses were too narrow. “In other words, Simmons is looking at conventional oil only,” Hofmeister said. “In the industry, we look at unconventional oil as well.” Unconventional oil is a reference to oil that is not found as crude oil in reservoirs contained in sedimentary rock layers just below the surface of the earth.

This goes along with the Russian originated theories that much oil is present, and in fact is being steadily produced by abiotic processes deep in the earth.

Abiotic oil…also present in apparently vast quantities on the Saturnian moon Titan. No dinos there, methinks!

Read the article, check out the links, too.

What? No dinosaurs? What’s Sinclair to do?