Estimates of proved crude oil reserves do not include the following:
(1) oil that may become available from known reservoirs but is reported separately as “indicated additional reserves”;
(2) natural gas liquids (including lease condensate);
(3) oil, the recovery of which is subject to reasonable doubt because of uncertainty as to geology, reservoir characteristics, or economic factors;
(4) oil that may occur in undrilled prospects; and
(5) oil that may be recovered from oil shales, coal, gilsonite, and other such sources.
It is necessary that production, gathering or transportation facilities be installed or operative for a reservoir to be considered proved.
At what cost?
Heavy crude does not produce as much fuel as light crude does. Oil sands require extra steps to extract the oil from the sand. Oil shale is harder still.
I have no doubt that this oil exists but not all oil is created equal. Lumping in oil shale with light sweet crude is clearly an attempt to misrepresent the facts.
Bush and Cheney ran on keeping gas prices low and then it peaked at a price even higher than we are seeing today. This line of attack is a loser. Obama’s team will find every clip of every talking head who ever defended Bush when it came to the price of gas. Then his billion dollar super pac will run these clips endlessly. Prices also tend to drop after the summer driving season ends and that is when the election is held. Attacking on gas prices will keep them off message for a while but it isn’t a winning long term strategy.