The Supply Side Before It S Too Late
It is hard to track exactly what kind of oil has been found around the world, in what quantities, because of loose definitions and reporting practices. The U.S. Securities and Exchange Commission demands strict reporting for financial purposes: proved reserves means proved-so-far by current wells or firm development plans, saying little about the full size of the discovery. Naturally, the estimates are revised upward as fields are drilled, giving a misleading impression of “reserve growth....