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Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: Sergio H who wrote (7457)	4/28/2005 3:45:21 PM
From: LAWRENCE C.	Read Replies (2) \| Respond to of 23958

"Published on Tuesday, March 22, 2005 by TomDispatch.com The Energy Crunch to Come Soaring Oil Profits, Declining Discoveries, and Danger Signs by Michael T. Klare ... Signs of an Energy Crunch It is in this context that the following disclosures, all reported in recent months, take on such significance. ConocoPhillips, the Houston-based amalgam of Continental Oil and Phillips Petroleum, announced in January that new additions to its oil reserves in 2004 amounted to only about 60-65% of all the oil it produced that year, entailing a significant depletion of those existing reserves. ChevronTexaco, the second largest U.S. energy firm after ExxonMobil, also reported a significant imbalance between oil production and replacement. Although not willing to disclose the precise nature of the company's shortfall, chief executive Dave O'Reilly told analysts that he expects "our 2004 reserves-replacement rate to be low." *Royal Dutch/Shell, already reeling from admissions last year that it had over-stated its oil and natural gas reserves by 20%, recently lowered its estimated holdings by another 10%, bringing its net loss to the equivalent of 5.3 billion barrels of oil. Even more worrisome, Shell announced in February that it had replaced only about 45-55% of the oil and gas it produced in 2004, an unexpectedly disappointing figure. These and similar disclosures suggest that the major private oil companies are failing to discover promising new sources of petroleum just as demand for their products soars. According to a recent study released by PFC Energy of Washington, D.C., over the past 20 years, the major oil firms have been producing and consuming twice as much oil as they have been finding. " commondreams.org