AKA Peak oil on opposite day:
Global oil markets are flooded with cheap crude, and concerns about climate change are growing louder. The last thing the world seems to be craving is the discovery of new large oil and natural gas fields.
But such fields have been found in the last month. And two of them are in the United States — one in Texas and the other off Alaska.
The new finds, while still preliminary and in need of more testing, could further cement two realities of the energy business: oil prices could stay low for a long time, and oil companies will keep seeking to increase their reserves for future production.
via www.nytimes.com
Increased supply leads to lower prices.
