Jeremy Warner's Outlook: BP's Prudhoe Bay debacle highlights a wider problem of underinvestment in oil supply

Matthew Simmons is a Houston-based energy consultant known for his alarmist predictions about the state of the oil market. His most famous is that Saudi Arabia, the world's largest single source of oil supply, has grossly overestimated the size of its remaining reserves, with the result that production rates will soon be declining precipitously, sending the oil price through the roof. Believe it if you will.

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