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136 comments on DrumBeat: February 26, 2007

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Donal on February 26, 2007 - 10:15am Permalink | Subthread | Comments top

Oil Glut Hidden by Rig Dearth Makes Drillers Good Bet

The rise in rig costs contributed to the five-year jump in oil prices by driving up production costs, hindering the discovery of new deposits and slowing the development of existing finds. There is some 3.02 trillion barrels of crude oil left under the ground, according to the U.S. Geological Survey.

The oil left underground in the U.S. alone is enough to replace every barrel pumped from Iran for the next 20 years, according to statistics compiled by London-based BP Plc, Europe's second-biggest oil company.

http://www.bloomberg.com/apps/news?pid=20601109&sid=ajvh5bpnZTPg&refer=home

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RickD on February 26, 2007 - 10:25am Permalink | Subthread | Parent | Comments top

Left in the ground is not the same thing as recoverable.

Rick

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elwoodelmore on February 26, 2007 - 10:47am Permalink | Subthread | Parent | Comments top

right, interesting choice of words: "deposits"

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136 comments on DrumBeat: February 26, 2007

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