Matt Badiali’s comments:
“The three U.S. majors – Chevron, ExxonMobil, and ConocoPhillips – hold 72% of the oil reserves among the public U.S. oil companies. The oil reserves of those three fell 6% from 2005 to 2008. That 1.4 billion decline in reserves is two-thirds as much oil as the next largest oil company’s entire oil reserves.
A quick check of the oil industry shows only 30 companies with more than 45% oil reserves. Even venerable ExxonMobil, the best-run oil company in the world, hasn’t replaced its oil reserves. In 2003, the company had 12 billion barrels of oil… Today, that’s down to 10 billion barrels. That means it’s replacing about 75% of its annual production. This is unsustainable in the long run. ”
The above of course comes on top of the fact that formerly oil exporting countries like Indonesia and the UK for example are today importers of oil.
Also, this from recent press articles: