The following excerpt is one of many important points he makes:
Let me give you an example. There is one particular project that is just absolutely imperative right now in this country. And that is rebuilding the American passenger railroad system; because we’re going to face enormous problems with transportation between our cities, of both people and of goods. And the trucking industry is going to get in enormous trouble, the commercial airline industries are going to be in big, big trouble, if they survive at all. You know, people are going to need a way to get around.Here's another excerpt to consider:
So what you’re seeing here is a trend in which we’re going to get into trouble much sooner than people thought, and not sheerly over depletion but over simply the market availability. Now the poster child for this, and this is very important, the poster boy for this is Mexico. Mexico’s oil production, 60 percent of it is composed of one single oil field, the second largest field ever discovered in the history of the oil industry, called the Cantarell Oil Field in the Gulf of Mexico. It was discovered in the last 25 years and produced with the latest and greatest technology, which had the effect of only draining it more efficiently. So when people say “Don’t worry, we have new technology coming along,” this is one of the problems with it.
The Cantarell Oil Field of Mexico is now depleting at a minimum rate of about 15 percent a year. Meaning within about five or six years, it’s out. And long before that, they’re going to stop sending oil to the United States. Now, Mexico is America’s third leading source of oil imports. And what this means is we’re going to lose our third leading import supplier of oil within the next two or three years. This is going to have not only a tremendous effect on our ability to get around and go through our daily activities, but it is also going to create a tremendous amount of turmoil and hardship in Mexico; because the Mexican national government depends for nearly half of its revenue from the Mexican national oil industry, which is now entering a state of collapse. So as that occurs, we’re going to see probably a great deal of disorder down in Mexico. And if you think we have problems now with immigration, and with managing the border, I think the probability is that they’re only going to get worse.