Bloomberg is reporting that the Interior Department estimates there are 115 billion barrels of oil that is technically recoverable on the Outer Continental Shelf. The estimate is just that, an estimate. However, of even more importance is Interior's estimate as to what the pricing would be to make the oil economically recoverable. That's an eye-opener for sure, and should tame anyone's urge to dance in the streets and cheer "Happy Motoring."
Technically recoverable means we have the capability to do it. Economically recoverable refers to how much can be recovered, given the costs, at a specific price range. The difference is important. How much would you be willing to pay for a gallon of gas?