Today's record demand for oil, gas and electricity has put the industry on an uncharted energy sea, says Matt Simmons of Simmons & Co. International. "Most energy experts are confident energy resources will be abundant," he said at a recent program held by PricewaterhouseCoopers in Houston. "An interesting thesis I've heard is 'The Stone Age didn't end because we ran out of stones.' Many of us suffer from eternal optimism-the more we need, the more we'll find. The reality of physics is energy use will always equal energy supply." Demand will outpace supply faster than expected, simply because of the world's insatiable appetite for energy, he said. "Demand is driven by the two Ps-prosperity and poverty. It has become a runaway train. In March, China sold 252,000 cars. The American economy adds 15- to 18 million cars per year."
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