The term "Reserves" has a very specific definition in the resource game, I'm glad the president is using his words precisely.

You know, there are actual SEC rules that define the use of the word in investment reports.

In my world, we have arguements on when and how you can use this word. Because we can be held responsible for using it incorrectly.

"Technically recoverable" usually means "at higher prices."

Forget oil shale. The water needed to process it doesn't exist in the semi-arid west. Really, it's not a resource that can be processed economically, so it is not a reserve.

Undiscovered resources is an arm-wave, at best, a term used by the worst of resource investment salesmen. Former used-car dealers, usually.