Posted by Ron muhlenkamp on June 11, 2014 at 17:49:49 from (72.23.84.205):
In Reply to: Petroleum question posted by wile E on June 11, 2014 at 12:41:01:
The key is the definition of "reserves" "Reserves" sound like an amount. But reserves are defined as the amount that is economical to produce at the current price. As the price has moved up, additional amounts have become economic, so the the amount of reserves have moved up. Also technology has made some fields economic (like the Bakken fields) that were previously known, but not economic.
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