In 1980, the U.S. had oil reserves of roughly 30 billion barrels. Yet from 1980 through 2010, we produced over 77 billion barrels of oil. In other words, over the last 30 years, we produced over 150 percent of our proved reserves.
The track record of the Federal Government and the industry in general to quantify the future with regards to oil and gas would have me betting on the “over” rather than the “under”.
“The track record of the Federal Government and the industry in general to quantify the future with regards to oil and gas would have me betting on the “over” rather than the “under”.”
To say nothing of the fact that pumped out, dried up wells in the Gulf of Mexico have been found to be “refilling” some how.