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Energy Guru Matthew Simmons dies At 67.


Matthew Simmons, who shook the energy industry by arguing the world was rapidly approaching peak oil production capacity, died Aug. 8 at his home in North Haven, ME, according to the Ocean Energy Institute, a research group he founded. He was 67.

A former adviser to President George W. Bush, Simmons had a heart attack while in a hot tub, local media reported, citing a report by the Knox County Sheriff's Office. Reuters News Service reported.

In his 2005 book "Twilight in the Desert," Simmons argued Saudi Arabia's oil reserves were nearing the highest levels of production they were capable of achieving, after which point the world's yearly oil supply would begin to decline.

While Simmons' views on peak oil were regarded as somewhat controversial, he drew even more attention for a June 9 interview with Fortune magazine, in which he predicted BP Plc would be driven bankrupt in "about a month" as the cleanup costs for the Gulf of Mexico oil spill mounted.

A week later, Simmons & Co International (SCI), the investment bank that Simmons founded in 1974, said it was cutting ties with its founder, who until that point had served as chairman emeritus. Simmons said he was retiring from SCI to devote his time to The Ocean Energy Institute, a think tank and venture capital fund addressing the challenges of U.S. offshore renewable energy.

"Matt Simmons was an innovative thinker who pushed ideas that have the potential to yield a more environmentally and economically sustainable future for Maine and the world," Maine Gov. John Baldacci said in a statement.
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Title Annotation:Newsreel; death of Matthew Simmons
Publication:Pipeline & Gas Journal
Article Type:Brief article
Geographic Code:1USA
Date:Sep 1, 2010
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