Thursday, February 18, 2010

"Peak Oil"? Maybe Not

From the Examiner.

Exxon Mobil (XOM) announced today that in 2009 the company's proven reserves increased by 133% of the amount of oil produced. Exxon now has 23.3 billion oil-equivalent-barrels of reserves comprised of about half liquids and half gas. It's the largest amount in the company's history.

Amazingly, Exxon, who has been accused in the past of being too conservative in terms of exploration and development, has been finding more oil than it produces for each of the last 16 years....

Conservation is still best.

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