The fact that Big Oil is cutting back exploration budgets means that we can expect fewer discoveries in the years ahead. The reasons for the exploration budget cutbacks are of course known only the the corporate bosses of Big Oil. But it seems increasingly obvious that one contributing factor is that all of the best oil has been found. What is left will be hard to discover and hard to produce. So instead of doing that honest hard work, Big Oil prefers to try for easy money in the world's financial casinos.
The US cannot count on big oil in the future. It is up to us to save on gas!