The EIA gets its numbers from the USGS, and the USGS quotes "technically" extractable reserves. "Technically" extractable reserves have absolutely nothing to do how muchwill be extracted: that depends on the price.
Its uninformed comments such as this that substantiate the viewpoint that the whole ETP idea is complete nonsense. If you don’t even understand Reserves or where the EIA gets its data how the hell can you ground truth the ridiculous projections you make?
The EIA numbers on Reserves are not from the USGS….wherever you got that idiotic idea from leaves me at a loss. This is what the EIA says about their recoverable reserves estimates:
The U.S. Energy Information Administration (EIA) starts with the data filed on Form EIA-23L, Annual Report of Domestic Oil and Gas Reserves, which was submitted by 450 of 467 sampled operators of U.S. oil and natural gas fields. EIA then estimates proved reserves for the U.S., states, and state subdivisions.
https://www.eia.gov/naturalgas/crudeoilreserves/As we have been saying since 2014, when the price of oil began going down, that the price of oil is going down, and will continue to go down. That has nothing to do with how many barrels can be found in the ground, but how much energy compared to what can be extracted from it, it takes to produce it:
Well first off the price of oil went down to just below $30, then it went back up to over $50 and now it is back down to $46. All of that movement is explainable by production, the response of US producers to higher prices and the view by traders as to how much oil is going to be out there due to political issues surrounding OPEC, Russia and the US with respect to production and China with respect to consumption. As has been pointed out here numerous times the world was able to handle $100 +/bbl for the period from January 2011 through to the first quarter of 2014. Throughout that period global GDP and global oil consumption continued to increase….neither decreased which is what would have happened if demand for oil was on the decline (i.e. was unaffordable as you claim). Sales of large SUV’s have been steadily increasing in the US over the past several years as well, suggesting the average North American has no problem affording gasoline. But you and your followers seem to love to ignore the actual data, preferring to live in Bizzaro World where economies of the world never recovered from 2009, refineries are all losing money, oil companies are all bankrupt and all of the countries in the world have collapsing economies.
I suggest before you bother to post here on oil and gas reserves again you do a bit of basic reading so you actually understand the terminology, the sources and use of data. Your ignorance is appalling when taken in the light of your vehement poselytization on behave of the ETP model.