Conventional oil discoveries have hit a low point, Fuelfix.com reports:
"Companies have never discovered as little conventional oil and gas as they did last year, according to a new report from energy research firm Wood Mackenzie.
"Globally, the industry last year found 11.6 billion barrels of oil and gas that it could access via traditional vertical drilling, as opposed to horizontal drilling and hydraulic fracturing. That’s 3 billion barrels or 21 percent less than it did in 1994, the next-lowest year on the list."
" ... As conventional finds are dropping, America’s shale plays are, in part, replacing them."
You can read the full story here.