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U.S. Proved Energy Reserves Increased Highest Ever!

On August 1, the U.S. Energy Information Administration (EIA) released its summary of the nation's proved reserves of oil and natural gas for 2010. Proved reserves of both oil and natural gas in 2010 rose by the highest amounts ever recorded in the 35 years EIA has been publishing proved reserves estimates.
http://www.eia.gov/todayinenergy/detail.cfm?id=7370



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Padded numbers

These numbers are the most overtly optimistic numbers in the industry... However, if you stick with them and do the simple division you get:

300 Trillion cu ft ng / 25 T used per year, that will last 12 years.

25 Billion BBl oil / 2 B used per year, that will last 12.5 years.

Since the running supply always has to be above the running production to keep prices under control and since that's rarely possible once we pass the 'half full' mark, we're not very far from the price shock phase.