Earth’s oil gauge on low?
Rising demand puts pressure on proven reserves, which have not seen a significant boost in 30 years.
Earlier this year, Royal Dutch/Shell, one of the world’s biggest oil companies, cut the amount of its proven reserves by 22 percent in a scandal that led to the ouster of top executives at the British- and Dutch-owned company.
While oil prices are near record highs in current dollars, adjusted for inflation prices are well off the highs they hit in the 1970s and early ’80s.
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