Oil Reserves
Categories: Accounting
How much oil is in the ground? What oil have we identified as being retrievable? How do we know? And why does it even matter?
Well, if you're Omaha Omaha Omaha quarterbacking a nation, you want to know how much oil it has or can get. If we run out of oil to power our cars, then a lot of bad things would happen until Elon can stay up all night for three years making Teslas.
So it's important to know this number, which kind of presumes: "if we discovered zero more oil reserves or pools of oil a mile under the surface of the earth, then how long can we survive at present consumption before we fume out?" Or something like that. That's what the discussion revolves around, and it sort of ignores the fact that, every few years, we make yet another huge discovery of some massive amount of oil, tucked away hidden in Jed Clampett's backyard somewhere in the world.
