The Peak Oil crowd probably hate stories like this:
“Exxon Mobil (XOM) announced today that in 2009 the company’s proven reserves increased by 133% of the amount of oil produced. . . . Amazingly, Exxon, who has been accused in the past of being too conservative in terms of exploration and development, has been finding more oil than it produces for each of the last 16 years, to the dismay of peak oil proponents.”
When people talk of oil reserves, they generally mean known or proven oil reserves. To suggest we are running out of oil based on known reserves is somewhat shortsighted, since our known oil reserves have consistently increased, despite exponentially increasing consumption. Oil exploration is an expensive process in itself – and so known reserves will continue to increase incrementally based on price/demand.