[ScratInTheHat]

Have you not noticed that the estimates on those same reserves, the same finds not new ones, have been doubled and tripled since the early eighties?

Show me your numbers!

[mad_as_he$$]

That is because extraction technology has improved significantly since the. I reopened two wells that were declared dead in 1980. They pump more now than when they were brand new. They can drill wells three times deeper now than the early 80's. New finds in the Gulf of Mexico alone are bigger than many countries have in reserve. Venezula has new finds that Hugo will not fork up the money to drill for. BTW as the price rises consumption will drop at some point it will drop significantly. Growth is currently below the estimated 2%. Owners of oil reserves are NOT going to inflate the numbers since in many cases they have to pay taxes on the reserve even if it is not yet tapped. Below is a VERY fair look at the situation. Some people do not agree with the 6BB number they think it is larger.

http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html