Tuesday, January 24, 2006Investors recognize the impending start of the oil decilne as demonstrated by the following quote from an article by Jeffrey Ball in the Wall Street Journal, January 23, 2006:
Longer term, perhaps the biggest issue facing the energy industry is its increasing difficulty finding enough new fossil fuel each year to replace what it is producing. In 2004, several oil companies failed to book enough new "proved reserves" to replenish the oil and natural gas they produced, at least according to the reserves-accounting
method favored by the Securities and Exchange Commission. The oil industry, arguing the SEC's accounting method is too pessimistic, is trying to persuade the SEC to change its method.