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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Sailing2 who wrote (124423)	9/24/2009 10:32:02 AM
From: Ed Ajootian	3 Recommendations of 206180

World Watch -- Comment & Interpretation on Today's News The oil industry is spending more and enjoying it less, so says a comprehensive study released Wednesday by IHS Herold and Harrison Lovegrove. Their new 2009 Global Upstream Review shows oil reserves for a large sample of oil and gas companies sliding by 4.4 billion bbl in 2008 despite a more than 20% rise in upstream spending to $492 billion. Part of the drop is the result of the lower year-end prices used to value reserves especially in the US, Canada and Russia. But increasing decline rates in large old fields and the generally decreasing size of new finds are also in play. The industry also get less bang for its upstream buck especially in the first half of the year when costs were on fire. South America was the hot spot with spending up 34%, while Russian-Caspian spending dropped and Europe and North America saw steep reserve declines. David Knapp, New York ********************************************************* Another data point corroborating the thought that the end of easy cheap oil is nigh.

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