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187 comments on DrumBeat: August 30, 2007

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JoulesBurn on August 30, 2007 - 9:26am Permalink | Subthread | Parent | Comments top

That has been the case for additions from new discoveries. However, additions to existing reserves (as economics and technology changes) have always made up the difference.

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clifman on August 30, 2007 - 9:42am Permalink | Subthread | Parent | Comments top

So John S. Herold is - intentionally or not - misleading when they use the term "found" in the above context. They refer not to new oil discoveries, but to additions to known reserves, which may be newly accessible, but not newly 'found', correct. So the bottom line is that globally we did not collectively discover anything near 30 billion barrels last year.

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Dave Cohen on August 30, 2007 - 9:48am Permalink | Subthread | Parent | Comments top

If you truly want to know what is going on, read the actual Herold & Lovegrove Report.

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187 comments on DrumBeat: August 30, 2007

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