Replacement rates and reserves are economic categories, dependent upon exploration and development, and of course exploration and development costs.
After the overproduction and overaccumulation of the 90s, in both the commodity itself, in the fixed assets, and the leases for exploration, the oil majors reduced spending and centered their efforts on development rather than exploration. Anyway, while I do not think the oil is running out, that is no reason not to deal with the issues of waste, pollution, and destructive expropriation of resources. ----- Original Message ----- From: "Leigh Meyers" <[EMAIL PROTECTED]> To: <[email protected]> Sent: Thursday, June 14, 2007 1:03 PM Subject: Re: [PEN-L] Peak oil warning > It's been a number of years since the oil companies have been able to > produce enough at the wellhead to prevent depletion. > > On 6/14/07, s.artesian <[EMAIL PROTECTED]> wrote: > > Have supplies, reserves, "peaked," > > and no future discoveries, extensions of reserves, or > > new technologies to access remaining reserves (usually > > half the amounts actually extracted) will ever reverse > > the depletion? Or have supplies of the "cheap stuff" > > peaked? And if the latter, isn't cheap a social, > > not a geological, category? > > > > -----Original Message----- > > >From: Louis Proyect <[EMAIL PROTECTED]> > > >Sent: Jun 14, 2007 9:59 AM > > >To: [email protected] > > >Subject: [PEN-L] Peak oil warning > > > > > >http://news.independent.co.uk/sci_tech/article2656034.ece > > >
