Quote Originally Posted by mrmustang View Post
............. make sure to CLICK HERE for the real world estimates on reserves.

Bill S.
Some of you probably roll your eyes when I point out that terminology is important, even though we usually are able to go through our daily lives just fine being unaware of it's significance.

Actually Bill, that chart represents what is called "proved" reserves. A narrowly defined quantity. The article Barnsey put up is about "estimated" reserves. Here's a good paper on the Bakken (actually linked from the site you posted) http://www.eia.doe.gov/pub/oil_gas/n...ck/ngshock.pdf , that gives an idea of how new the technology to access this potential reserve is, and how future production will depend on continued increase in recovery technology.

This is the sort of stuff that those susceptible to the "hate the oil companies" propaganda often choose to ignore. That technology development takes money, that money comes from (hold your breath) PROFITS. But of course, profits are evil. I notice that none of our bretheren here who normally rail against oil company profits are saying much about the losses the oil companies are going through now. The refiners, those not associated with fully integrated oil companies, are really hurting and have closed at least 4 domestic refineries this past year. While we're in a recession this doesn't show up in the marketplace.........but when the economy turns back up it will. And of course the oil companies will get blamed. I hold no stock in these companies, and am terminally unemployed by anyone, but I do think about what affects day to day life and especially my favored hobby. Of course there's lots, lots more to this story, but I'm afraid most people would choose to ignore it.