Are We Out of Gas?

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Certainly supply isn’t declining yet. “Proved” oil reserves increased from 677 billion barrels in 1982 to 1048 billion in 2002, a 55 percent increase. (“Proved” means quantities that with reasonable certainty can be recovered from known reservoirs under existing economic and operation conditions.) Meanwhile worldwide consumption increased only 13 percent.

That’s not a particularly scary trend.

techcentralstation.com