by Pops » Wed 25 Jan 2012, 21:58:23
Most of us realize that higher priced oil doesn't literally
create more oil, it just makes more expensive to extract oil profitable.
I hadn't made the connection quite concrete enough until I did this chart:
Notice that in 1998, the price was at a low ebb and so were reserves. Notice also how 10 years later in 2008 a price 6 times higher hasn't done much except flatten the reserve decline.
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The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)