Updates
Later, 9:58 a.m. Central Time: Earlier this morning I posted a short note on 1P, 2P, and 3P (original post below). This whole business of measuring proved, probable, and possible reserves is very, very interesting. Scientists, economists, businessmen all look at this issue differently.
So, for whatever reason, I happened to post a note about that this morning, for no reason except that the spirit moved me.
Then, out of the blue, via Twitter, EIA posts an update on US Crude Oil and Natural Gas Proved Reserves, Year-end 2015. It's a long, long report, but lots of great graphs.
Original Post
Had it not been for the blog and my readers, I never would have understood the concept of proved (PD, and PUD), probable, and possible crude oil reserves. 1P, 2P, and 3P. Matt Damon will soon add a fourth category: 4P -- crude oil reserves on Mars and other extraterrestrial bodies.
I think the issue of crude oil reserves will be an interesting story to follow now that Trump will be the new president.
The Securities and Exchange Commission (the SEC) is a huge piece of this story.
The SEC is made up of five commissioners. It is "supposed" to be non-partisan -- but everything in Washington is partisan -- including the CIA -- contrary to what "everyone in the media" says -- but I digress.
The SEC is made up of five commissioners. It is "supposed" to be non-partisan; no more than three commissioners may belong to the same political party.
What does the SEC look like right now?
The designation / concept / definition of "Republican" and "Democratic" is incredibly blurred. In 2017, President Obama will likely appoint two "Republicans" to the SEC and one "Democrat." I can come up with any number of "Democrats" that think like Trump when it comes to the economy and Wall Street.
From Fortune: the SEC is investigating Exxon over asset valuations, September 21, 2016.
I side with ExxonMobil on this issue.
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