Wednesday, September 23, 2009

"Oil that is, black gold, Texas tea."

UPDATE: More links to add.

Help! They Can't Find Any More Oil!

International oil and gas companies increased exploration spending by 21% in 2008 to $492 billion, but worldwide oil and gas reserves were .4% lower by year end. There was a 4.4 billion barrel decline in oil reserves. This isn't a singular event, either. Over the past three years reserves have been flat.

Related: | FT Energy Source | Finding new oil gets ever more expensive ...One significant finding of the study: in the US, reserve replacement costs more than doubled [in a single year].

No comments: