Yes, the value based on the CURRENT world market, based on price per BBL, has gone down.
However, what many will fail to value until it actually happens, is what if those we import our oil from suddenly can't supply us (Mexico) or WILL NOT continue to keep us supplied (Venezuela)?
Even with conservation, we will not be able to make up a substantial shortfall.
And hence, while the value in world price per BBL may be low, IMO, the price of domestic oil will rise just due to supply and demand and consequently, reserves value.
Geopolitics can be a strange thing at times.
Just a thought to ponder.
