Interesting article:
Henry Groppe founded Groppe, Long & Littell in 1955. He has 55 years of experience in the oil, natural gas and petrochemical industries, including positions with Arabian American Oil Company, Dow Chemical, Monsanto and Texaco. He is a fellow of the American Institute of Chemical Engineers and has served as a charter member of the Texas Governor’s Energy Council and a director of the United States Energy Association (the U.S. member committee to the World Energy Council)…
[In his own words:] “We’ve been down a long road of exploration and exploitation and found everything easy. We’ve reached the point where all the major initial discoveries have reached their peaks and are declining. The newer ones are too small to offset it, and North American natural gas production has clearly peaked and is irreversibly declining. We think we’re at that turning point for world oil. From now on we’re in a new era where the key question is what prices will be required to cause consumption to decline to match an irreversible decline in supply?”