On Tue, 18 Dec 2001, Mike Lorrey wrote:
> previous comments about this myth. The 'oil will run out in 20-40 years'
> myth is based on a lack of understanding about what this number
> represents. When this number is reported, it is based on the estimates
> of oil reserves that are *known* and *recoverable* at the current market
> price.
I can testify to this. I worked in exploration for Shell for a number of
years, and our entire seismic division in the Gulf of Mexico was laid off
because "we've already found more reserves than we can drill and pump in
40 years". It simply doesn't pay for a company to spend money that far
out in time. No one else is looking.
And that didn't include the commercially unviable reserves in really deep
water.
steve van sickle
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