In this May 7, 2012 photo released by China’s Xinhua News Agency, Haiyang Shiyou oil… Among the many questions to come out of Tuesday’s ruling on the South China Sea: What does it all mean for the potentially vast reserves of oil and gas that lie beneath the disputed waters? The U.S. Energy Information Administration estimates the South China Sea holds 11 billion barrels of oil and 190 trillion cubic feet of natural gas, a significant sum for a region where energy demands continue to grow quickly. Yet the oil market has reacted calmly to the ruling. Neither China nor anyone else are close to developing the resources beneath the waters. And while the South China Sea is a major oil supply route, the decision is unlikely in the near term to have much immediate effect on vessels that pass through the region, analysts said. “There is a lot […]