Reserves are bunk

Kurt Cobb, Resource Insights

Henry Ford is famous for having once said, "History is more or less bunk." He was, in fact, attacking tradition in an age of rapid technological and social change. Almost a century later we have a less ambitious observation which may not achieve the broad visceral appeal of Ford's statement, but one which may turn out have a good deal of importance, to wit: Oil and natural gas reserve numbers are more or less bunk.