OIL OUTLOOK:USGS Optimistic on World Oil Prospects.
According to the latest estimates by the U.S. Geological Survey, the world has 20% more oil awaiting discovery in yet-to-be-found fields than the USGS estimated 6 years ago. And a newly analyzed category--oil lurking in and around known fields--offers almost as much additional oil as in those undiscovered reservoirs. But even if the additional oil is really there, pessimists argue that it pushes back the global production peak--and the end of the era of cheap oil--by years, not decades.
Kerr
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