The view had some prominent advocates within the Board of Governors of the Federal Reserve System who substantiated their inclination for a strong policy reaction to market dynamics on the grounds that the central bank, by acting decidedly, would force liquidation of the most stretched positions without dealing further damage on sound investment strategies and the economy more broadly.
Gains in proved reserves have been concentrated among OPEC members, though proved reserves in the United States, for the most part offshore, apparently have risen slightly during the past five years. The uptrend in world proved reserves is likely to continue at least for awhile. Oil service firms still report significant involvement in reservoir extension and enhancement.