Another Reason Not To Worry About Peak Oil

Good piece in yesterday's WSJ.

Squeeze That Sponge - WSJ.com: "Nearly two-thirds of crude still gets left in the ground. With enhanced oil recovery, companies are determined to lower that number. Often stymied in their quest for new crude, Western oil companies are squeezing more out of the reserves they already have. Despite the engineering advances of the past century, nearly two-thirds of crude still gets left in the ground. So oil companies are raising the ante, investing billions of dollars in cutting-edge technology to increase the amount of crude they can tap. The potential rewards are huge: Raising the average recovery rate world-wide to 50% from 35% would boost the world's recoverable oil by about 1.2 trillion barrels -- equal to the whole of today's proven reserves, the International Energy Agency says."