[zeugma]

The hunt for new stores of oil and gas has been dramatically curtailed amid a global crude slump, with exploration budgets at the largest oil companies cut in half from their peak levels in 2013, according to a new analysis.

I think 2013 levels, which were an historical aberration are not really the best barometer of oil exploration.

[thackney]

They did say it was the peak.

Current levels will continue to result in less supply and future higher prices.

The industry lags the prices. Consequently the roller coaster ride continues...