Fake Abundance
What you won't find there or in current media accounts are his consistently failed predictions about rising supply in the last decade, supply that was supposed to result in a flood of oil. Here's one gem from 2006 in a piece he authored for Forbes Magazine: "A plausible forecast is that by the end of the decade the daily demand for oil will have expanded by 7 to 8 million barrels. If global production continues at present rates, it could grow by 12 to 15 million barrels per day in that period. In other words, there is more than enough oil in the ground." Maugeri's contention was that high prices would result in a supply response that would bring back the good old days of abundance. Of course, no one covering his recent policy brief bothers to mention that his 2006 prediction turned out to be wrong, and not by just a little. World oil production has been flat since 2005. His vaunted supply response never materialized.
