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That T. Boone Pickens is such a confused old man. Right?

Posted by GliderGuider (A) on March 1, 2007 at 07:00:44

Texas oilman Pickens says global oil production at its peak

DOHA, Qatar — Legendary Texas oilman T. Boone Pickens sees today's stubbornly high oil price as evidence that daily global production capacity is at — or very near — its peak.

If demand for crude oil rises beyond the current global output of roughly 85 million barrels per day, Pickens told The Associated Press, prices will rise to compensate and alternative sources of energy will begin to replace petroleum.

"If I'm right, we're already at the peak," Pickens said earlier this week in Doha, on the sidelines of the Forbes magazine CEO conference. "The price will have to go up."

"The world has been looked at," Pickens told Forbes. "There's still oil to be found, but not in the quantities we've seen in the past. The big fields have been found and the smaller fields, well, there's not enough of them to replenish the base."

Pickens started his career in the 1950s as a petroleum geologist, built his reputation in the following decades as the founder of Mesa Petroleum Co. and enshrined himself in the history books in the 1980s with attempts to take over major oil companies.

BP Capital's has $4 billion under investment, including $1.5 billion of Pickens' own money, he said.

Deffeyes, Simmons and now Pickens - the big guns are all lining up. So much for the Hirsch Report's analysis that we need 10 to 20 years of pre-peak preparation to mitigate the efforts. We're out of time.

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