On Tue, 15 May 2007 06:26:30 -0400, HK wrote:

No offense, but it's just another rationalization for "big oil"
producers and refiners to put the screws to us now and in the future.

No offense to you either but the author of the report has no axe to
grind other than getting the story right.

I own stock in most of the major oil companies and every single one
of them is having difficulty replacing their reserves. These numbers
are reported and analyzed in great detail, and it is to a company's
advantage to show an increasing level. Reserves, or oil still in the
ground, are a key measure of corporate valuation. No matter how high
current operating results are, if the reserves aren't there the
profits are considered unsustainable and that is quickly reflected in
the stock price.

Another key measure is the cost of discovering a new barrel of oil.
Those numbers are in a steep increase as the easily developed oil is
used up. No company that expects to stay in business will be selling
their oil for less than the cost of discovery and development.

Time to get a sail boat Harry. We'll all help out with showing you
"the ropes".