US should changea leasing policy based on ignorance

12/06/2004
With limits on supply asserting themselves in oil and gas markets, curiosity runs high about how much fluid hydrocarbon remains to be found and produced.Reliability of reserves estimates—at company and country levels—has come under scrutiny.Speculation is rampant about when global oil production will peak and about how rapidly it then will decline. Similar concern has arisen about natural gas.Because oil and gas are crucial to human well-being, and because demand for them is expected to steadily grow, these are immensely important issues. And they all pivot on a central question: How much economically producible oil and gas exists in nature?No one knows the answer. Nature jeal...
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