Looks like the I.E.A. is working on an analysis about how much oil is available world wide. How can they be sure when an expert like Richard B. was suprised by three new oil finds in older feilds just this year? By using new horizontal drilling technology (more expensive) who can say how much oil is still down there? Congress needs to REDUCE lease rates for the GOM, making drilling and finding more affordable. Open the O.S. shelf's (FLA) and reduce oil prices. Heres the link to the article. http://biz.yahoo.com/ap/080522/international_energy_oil_supply.html
Yes, Richard B is an expert alright. I was just musing over the annual report. Nice exploration record last year. Six out of Seventeen. It's hard to give him credit for using new technology to extract more oil out of existing wells. Isn't that what he is suppose to do?