Matthew Simmons: Oil markets face ‘Pearl Harbour’

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Matthew Simmons, President George W. Bush’s former energy adviser, speaking at the Energy Risk USA conference in Houston this week, said: “There are insurmountable issues that industry has to get to grips with." Simmons, now chairman emeritus at energy investment banking firm Simmons & Company International, said: “The oil market is on the cusp of its own Pearl Harbour. I believe  oil reserves are not as plentiful as first predicted. We have diminishing amounts of light sweet crude oil and this