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    August 01, 2004 - Petroleum News: "Saudi Arabia's giant oil fields might already have peaked and could start into rapid decline in as few as three years, somebody better have a "Plan B" ready or there's no way, he says -- absolutely no way -- to avoid a world energy cataclysm.

    Pretty strong words. Stronger, perhaps, than any uttered before about energy. Simmons spoke them, and more, at a July 9 Washington, D.C., presentation made at a meeting on Saudi Arabia's future. The Hudson Institute sponsored the meeting.

    Simmons asked for anybody, including the Saudis themselves, to refute his claim. But so far, in his view, nobody's stepped up. He acknowledges, however, that the Saudis recently have been more forthcoming about their ability to supply all the extra oil the world will require from Saudi fields. But still, it appears that nobody is willing to counter his specific charges.

    Simmons knows whereof he speaks. He views the world oil supply picture from the vantage point of 30 years' experience as founder of Simmons & Company International, Houston, which today is one of the world's largest energy investment banking groups. Since opening the company's first office in Houston back in 1974, Simmons and his group have guided a broad client base to complete more than 500 oil and gas investment banking projects with a combined dollar value of some $58 billion. The company now has additional offices in Boston, London and Aberdeen, Scotland."

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