marmico wrote:Year end 2015 US proved oil reserves declined year over year. The level is about the same as in 1975. The 2016 EIA data should be published shortly.
https://www.eia.gov/dnav/pet/pet_crd_cplc_dcu_NUS_a.htm
https://www.eia.gov/naturalgas/crudeoil ... serves.pdf
To be clear, I'm claiming reserve replacement is adequate over the long run.
It wouldn't surprise me if we've seen a big drop overall in the past few years, spurred by low oil prices, on average during that time. That's noise. Since globally, people can CLEARLY afford oil products with oil below $100 regardless of how many times ETPers claim they can't (without any evidence), if signs of impending shortages truly arise, higher prices will allow plenty more E&P, as needed.