$119 Trillion Up In Smoke – The Busted Value of the World’s Proved Oil Reserves
Monday, February 8, 2016 10:10
% of readers think this story is Fact. Add your two cents.
by John Mauldin at Mauldin Economics
David Stockman’s Contra Corner
If energy powers the world, then whoever owns that energy must have power over the world. That’s certainly been the case for the last century or two. Ownership of our primary energy source, crude oil, is what made billionaires of John D. Rockefeller, H.L. Hunt, and assorted Middle Eastern kings, emirs, and sheikhs.
Oil in the ground is wealth only on paper – you may own that oil, but it earns you nothing until you recover and sell it. Yet paper wealth is still wealth. It goes on your balance sheet as an asset that you can sell. You can use it as collateral to borrow cash and buy other assets.
Continue Reading at DavidStockmansContraCorner.com…
Source: http://financialsurvivalnetwork.com/2016/02/119-trillion-up-in-smoke-the-busted-value-of-the-worlds-proved-oil-reserves/?utm_source=rss&utm_medium=rss&utm_campaign=119-trillion-up-in-smoke-the-busted-value-of-the-worlds-proved-oil-reserves
