With Mass Vehicle Electrification on the Horizon, New Oil Development hits a 70 Year Low

robertscribbler

“One thing is certain: Whenever the oil crash comes, it will be only the beginning. Every year that follows will bring more electric cars to the road, and less demand for oil. Someone will be left holding the barrel.”Bloomberg

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As the global climate situation worsens, the rickety and destructive old energy sources that caused the problem in the first place continue to look less and less secure. Meanwhile, the new energy sources that will help to address what is now a very serious crisis continue to gain strength.

Plummeting Oil Discoveries, Investments

A report out from the International Energy Agency this week showed that new oil discoveries had fallen to 2.4 billion barrels — less than 1/3 of the 15 year average. Meanwhile, the volume of conventional resources sanctioned for development fell to 4.7 billion barrels or the lowest level seen since the 1940s.

(Global oil discoveries…

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