Interview: Simmons -- The Coming Saudi Oil Shock

"I've spent years poring over hundreds of papers from the Society of Petroleum Engineers that have revealed fascinating clues. First I took an inventory of the top oil fields in the world, field by field. I was aghast to find that nobody had ever listed even the top 20 oil fields by name. I found that there are only about 120 oil fields in the world that produce half of the world's oil supply. The top 14 fields, which make up 20 percent of global supply, are, on average, over 53 years old. In Saudi Arabia, which harbors a quarter of the entire global supply, there are only five key fields producing 90 percent of their oil. They're all old.

...We need to think on a grander scale. We have to find, for instance, far more energy-efficient methods of transporting products by rail and ship rather than trucks. We have to liberate the workforce from office-based jobs and let them work in their village, through the modern technology of emails and faxes and video conferencing. We have to address the distribution of food: Much of the food in supermarkets today comes from at least a continent or two away. We need to return to local farms. And we have to attack globalization: As energy prices soar, manufacturing things close to home will begin to make sense again."

Thanks to Ashwani Vasishth