Posted by Ron muhlenkamp on June 11, 2014 at 17:49:49 from (72.23.84.205):
In Reply to: Petroleum question posted by wile E on June 11, 2014 at 12:41:01:
The key is the definition of "reserves" "Reserves" sound like an amount. But reserves are defined as the amount that is economical to produce at the current price. As the price has moved up, additional amounts have become economic, so the the amount of reserves have moved up. Also technology has made some fields economic (like the Bakken fields) that were previously known, but not economic.
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Today's Featured Article - Grain Threshing in the Early 40's - by Pat Browning. The setting is rural Wisconsin, halfway between East Troy and Elkhorn, on Hodunk Road, our nation was at war, and I was 6, 7 and 8 years old. George was our "threshing neighbor." He was the one with the threshing machine, a JI Case on steel wheels, and he pulled it to our farm with a JI Case standard tractor also on steel. In those days, steel wheeled implements were common. The roads were general gravel, so the lugs cutting into them wasn't a problem. George would set up the thresher, s
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