Exxon's new reserves

Those who have been watching my posts on the oil supply situation over
the past 5 years know that I am rather pessimistic about the future of
liquid petroleum. I just ran into this yesterday in the Houston
Chronicle.

"'This represents the 11th consecutive year of greater than 100 percent
reserve replacement, demonstrating, . . .the corporation's commitment to
long-term growth,' Lee Raymond, Exxon Mobil's chairman, said in a
prepared statement.
        "In another sign of the times, 95 percent of those new reserves
are natural gas-not oil." Linda J. Cook, "Exxon Mobil Returns to Top
Spot," Houston Chronicle, Saturday, Feb 19, 2005, p. D7

We are no longer finding enough petroleum.
Received on Sun Feb 20 07:36:14 2005