Editorial: Money and oil supply

To the controversy over how much oil and gas remain to be produced, the International Energy Agency has made a valuable contribution. Its new study, Resources to Reserves, estimates availability of technically recoverable resources of various types as a function of oil price (OGJ, Oct. 17, 2005, p. 18). The conclusion is both assuring and challenging.It’s assuring because it suggests that strong progress toward meeting the projected need of 1.5 trillion boe of oil and gas through 2030 can come from oil resources likely to become economic to develop with crude prices near $30/bbl. The conclusion is challenging, however, because it assumes development of the necessary technology and i...

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