The reality is there has not been a find of light sweet crude of any significance anywhere on God's green Earth in over 30 years.
They are not finding new fields at any rate that remotely keeps up with dying existing capacity of mature fields. ... The data is undeniable. As are the conditions of the global economy that are unfolding just as the Chris Martensons of the world insisted it would throughout the middle of last decade. It will get worse. At which point, growth will sputter again and the IMF-World Bank-Federal Reserve can crush demand artificially (war, tax increases), or sit back and watch the world tear its hair out.