Exxon says 20% of oil, gas reserves threatened by low prices
So as we come out of the bottleneck with cov19 and begin to try to recover Hydrocarbons will be in shorter supply when demand starts to increase. This is how they will wean consumers off the gasoline, diesel,propane and natural gas etc. Less mining of oil & looking for future reserves means higher prices when demands increases to like before the crisis. So 3.00 a gallons of gas before will be 4.00 a gallon after and most states will raise road Taxes before it starts to cover their tracks of being unfair to the consumer.
If depressed prices persist for the rest of the year, “certain quantities of crude oil, bitumen and natural gas will not qualify as proved reserves at year-end 2020,” the company said in a regulatory filing on Wednesday. A 20 per cent hit would impact the equivalent of almost 4.5 billion barrels of crude, or enough to supply every refinery on the U.S. Gulf Coast for 18 months.