I am going to address a touchy subject in this essay, but I simply can’t ignore it any longer. I have noticed that a lot of people are finding my blog through keyword searches of “Debunking Matt Simmons.” About two and a half years ago, I did write an essay called Debunking Matt Simmons. Because of Matt’s recent claims about the disaster in the Gulf of Mexico, there has been a spike in interest over whether his claims related to the disaster are actually credible. So now seems like a good time to revisit the subject.
Claims like "BP will file for Chapter 11 by July 9," and that "the 'real, untold story' is another leak that is 5-7 miles away spewing 120,000 barrels per day" are ruining Matt Simmons' credibility.
The topic is touchy because Matt Simmons has long been revered in the energy business, and some of his fans will be upset with me for writing this.
But Simmons has lately been making what I feel are very irresponsible and sensational claims that don’t hold up to scrutiny. So I will review his history here to show a pattern of Simmons making sensational predictions based on meager and/or misinterpreted data; predictions that later proved to be grossly inaccurate.
Full article: Matt Simmons
I don't know much about the guy, but perhaps at one point in time he was credible and became popular as a result. Then he let it all go to his head became a talking head. Talking a lot but not saying much.
Here's a question (just speculation), he recently retired from Simmons & Co effective June 30th. Officially it was to spend more time on his foundation. What if his claims were causing some contention and embarrassment for Simmons & Co so they encouraged him to distance himself from the bank? The timing would fit with that conspiracy theory, in which case it'd show even more that many within the industry don't consider him credible. Just a thought
Great article. Its funny in hindsight how none of those claims about the BP spill came true.
@ogbanker...
It's hardly a conspiracy theory. Simmons was out blathering about how BP wouldn't last through the summer, while his firms analyst were publishing research calling it a buy and literally saying "don't listen to matt". This is hardly a breaking story though. As per most "breaking" news items posted on this board, other sites covered the story s month ago.
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Ok. I haven't followed him that closely. I just remember reading about how he was retiring back in June and then seeing some industry guys comment on him on CNBC. I put two and two together, thinking maybe he was an embarrassment for Simmons so they wanted him gone. It made sense to me but I didn't know if anyone else would agree. Apparently they do
I thought he left to work on his non-profit-- something about clean energy...
He retired as chairman from Simmons to work on his non-profit. And the latest news...he passed away last night.
Looks like he got the 'ol junk shot, to use the parlance of our time.
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