Proven reserves are very unreliable. That point seems to be key to the new Out of Gas book. He asserts that the production curve is a lagged reserves curve.
Just as we cannot predict the future based on a couple of data points of GDP or unemployment, the NYT article is only a suggestion of a problem, not confirmation of anything. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
