Hubbert revisitedI've been reading with interest the articles on "Hubbert revisited." I also read with interest the letter from Mr. Arlie Skov (OGJ, July 26, 2004, p. 10) noting that the term "proved reserves" appears to substantially under-predict future oil and gas production. I think there is a general misunderstanding as to what "proved reserves" are. To use a manufacturing analogy, they are akin to unfinished goods or raw material inventories. Holding inventories is expensive. A manufacturer doesn't want to invest money in inventory beyond what is required to maintain flow through its factories plus a safety stock. Likewise, an oil explorer doesn't want to invest money in...

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