By Sharon Kelly, DeSmog Blog
Under the updated SEC rules, which went into effect in 2009, drillers can count oil and gas from wells that won't be drilled or fracked for up to five years as part of their proved reserves. Those as-yet-untapped wells can be put on a company's books as a subset of their “proved” reserves, listed under the label “proved undeveloped” reserves.
By Ugo Bardi, Cassandra's legacy
In the debates that deal with energy and fossil fuels, it is rather common to read or hear statements such as “oil will last for 50 years at the current rate of production.”
By Ugo Bardi, Cassandra's legacy
So, the USGS comes out with a press release that the media immediately diffuse in terms of a great discovery: 20 billion barrels, somewhere in Texas in a place called "Wolfcamp".
By Richard Heinberg, Post Carbon Institute
Where are Philip Marlowe and Sam Spade when we need them? A crime is in progress, and only a detective who’s unafraid of stepping on powerful people’s toes is likely to get to the bottom of it.
By Kurt Cobb, Resource Insights
The numbers that come our way are calculated and disseminated by people who have an agenda. It may be to be as objective as they can be given the constraints under which they labor. It may be to satisfy the views of financial supporters of a think tank or university research laboratory. The information may be intentionally skewed so as to deceive us (even if there are no outright lies). Or the information may simply be mistaken.
By Marco Pagani, Cassandra's legacy
The IEA forecast for the future of petroleum is not only too optimistic, but also wrong because they are based on summing volumes of fuels which have different output and energy costs of extraction. Here you find the correct analysis, much less reassuring