The number of newly discovered oil fields has dropped in the current year to its lowest level in about 80 years, reports oilprice.com. This undershot the provisional low of 2016 once again.
Companies in the oil industry have therefore found crude oil reserves totaling less than 7 billion barrels (159 liters) this year. In 2016, the new discoveries amounted to about 8 billion barrels. At least as few new inventories were found as last in the 1940s. The figures for 2017 are still less than half of the approximately 15 billion barrels that were discovered in 2014 and 2015. In 2012, the total amount of inventories found worldwide was about 30 billion barrels.
You can read the rest @
https://deutsche-wirtschafts-nachrichten.de/2017/12/22/zahl-der-neu-entdeckten-oelfelder-geht-rapide-zurueck/ [translation required]
And the US is doing little or nothing to cope with that fact.
At this rate, we will NEVER be "great again".
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