Calgary Herald | Oil Price Spike Inevitable As New Discoveries Hit Seventy-Year Low OilPrice.com The oil industry only discovered about 2.7 billion barrels of new supply in 2015, a tiny fraction of the annual average for the past fifty years. The dismal result was one of the worst performances from the oil industry in decades. 2016 could be even ... Oil discoveries are at a 68-year low, suggesting a supply shortfall is looming Lowest crude finds in 70yrs signal supply shortage & price rises ahead |