Oil companies like nothing more than spending big money drilling for new resources around the world. Unfortunately, more and more of that activity is looking like it might prove redundant. Indeed, Goldman Sachs ’s head of European energy research Michele della Vigna reckons around $700 billion’s worth of capital spending in the pipeline may no longer be needed. The reason? Yet another side effect of the shale revolution in the U.S. Watch the video for the lowdown. Goldman estimates that the big discoveries of shale oil in recent years have added around 66 billion barrels of crude oil resources; at its peak, that could add 8 million barrels per day to daily output. That extra production should prove enough to meet oil demand growth in the coming years, Goldman thinks. In the jargon, it means shale oil provides the oil market with its marginal supply. In turn, […]