<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><header class="module article_header" style="margin: 0px 10px 6px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; box-sizing: border-box; position: relative; font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-position: 0px 0px;"><div data-module-id="14" data-module-name="article.app/lib/module/articleHeadline" data-module-zone="article_header" class="zonedModule" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><div class=" wsj-article-headline-wrap" style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><div class="category" style="font-size: 13px; margin: 0px 0px 2px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; text-transform: uppercase; line-height: 17px; background-position: 0px 0px;"><span class="article-breadCrumb-wrapper" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><ul itemscope="" itemtype="http://schema.org/BreadcrumbList" class="" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; list-style: none; display: inline; background-position: 0px 0px;"><li class="article-breadCrumb" itemprop="itemListElement" itemscope="" itemtype="http://schema.org/ListItem" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; display: inline; background-position: 0px 0px;">WALL STREET JOURNAL. APRIL 26 2016 </li></ul></span></div><div class="category" style="font-size: 13px; color: rgb(153, 153, 153); margin: 0px 0px 2px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; text-transform: uppercase; line-height: 17px; background-position: 0px 0px;"><span class="article-breadCrumb-wrapper" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><ul itemscope="" itemtype="http://schema.org/BreadcrumbList" class="" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; list-style: none; display: inline; background-position: 0px 0px;"><li class="article-breadCrumb" itemprop="itemListElement" itemscope="" itemtype="http://schema.org/ListItem" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; display: inline; background-position: 0px 0px;"><a itemprop="item" href="https://www.wsj.com/news/markets" class="" style="margin: 0px; padding: 0px; vertical-align: baseline; color: rgb(0, 128, 195); text-decoration: none; outline: 0px; font-family: 'Whitney SSm', sans-serif; background-position: 0px 0px;">MARKETS</a> </li><li class="article-breadCrumb" itemprop="itemListElement" itemscope="" itemtype="http://schema.org/ListItem" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; display: inline; background-position: 0px 0px;"> <a href="https://www.wsj.com/news/types/oil-markets" class="flashline-category" itemprop="item" style="margin: 0px; padding: 0px; vertical-align: baseline; color: rgb(0, 128, 195); text-decoration: none; outline: 0px; font-family: 'Whitney SSm', sans-serif; background-position: 0px 0px;">OIL MARKETS</a></li></ul></span></div><h1 class="wsj-article-headline" itemprop="headline" style="color: rgb(51, 51, 51); margin: 0px 0px 4px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; font-family: 'Chronicle Display', serif; line-height: 1.2em; background-position: 0px 0px;">Oil Shortage Feared by 2020 as Discoveries Fall to Record Low</h1><h2 class="sub-head" itemprop="description" style="font-size: 20px; color: rgb(102, 102, 102); margin: 0px; padding: 0px; border: 0px; outline: 0px; font-weight: 400; vertical-align: baseline; font-family: 'Whitney SSm', sans-serif; line-height: 28px; letter-spacing: -0.01em; background-position: 0px 0px;">International Energy Agency says U.S. shale won’t fill the void which could lead to petroleum shortages</h2></div></div></header><div class="at12-col7 at8-col8 at16-offset1 at16-col9 column" style="margin: 0px 0px 0px 80px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; box-sizing: border-box; width: 720px; max-width: 100%; float: left; min-height: 1px; color: rgb(51, 51, 51); font-family: Arial, Helvetica, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-position: 0px 0px;"><div class="module" style="margin: 0px 10px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; box-sizing: border-box; background-position: 0px 0px;"><div data-module-id="13" data-module-name="article.app/lib/module/articleSnippet" data-module-zone="article_snippet" class="zonedModule" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><div class="snippet" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><div class="byline" style="margin: 0px 150px 2px 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; font-family: 'Chronicle SSm', serif; position: relative; background-position: 0px 0px;"><font size="3" class=""><span class="" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: italic; vertical-align: baseline; display: inline-block; line-height: 22px; background-position: 0px 0px;">By</span> <div class="mobile-scrim author hasMenu" data-scrim="{"type":"author","header":"Sarah Kent","subhead":"The Wall Street Journal","list":[{"type":"link","icon":"bio","url":"https://www.wsj.com/news/author/7488","text":"Biography"},{"type":"link","icon":"twitter","url":"http://twitter.com/SarahKentWSJ","text":"@SarahKentWSJ"},{"type":"link","icon":"google","url":"https://plus.google.com/116655193166694602390/posts","text":"Google+"},{"type":"link","icon":"email","url":"mailto:sarah.kent@wsj.com","text":"sarah.kent@wsj.com"}]}" itemscope="" itemprop="author" itemtype="http://schema.org/Person" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-style: italic; vertical-align: baseline; display: inline-block; line-height: 22px; position: relative; background-position: 0px 0px;"><span class="name" itemprop="name" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; color: rgb(0, 128, 195); background-position: 0px 0px;">Sarah Kent</span></div></font></div><time class="timestamp" style="margin: 0px 0px 4px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; font-family: 'Whitney SSm', sans-serif; display: block; line-height: 2.2rem; color: rgb(102, 102, 102); background-position: 0px 0px;"><font size="3" class="">April 26, 2017 6:00 p.m. ET</font></time><div class="wsj-snippet-body" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; position: relative; background-position: 0px 0px;"><p class="" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; font-family: 'Chronicle SSm', serif; line-height: 28px; word-wrap: break-word; background-position: 0px 0px;"><font size="3" class="">LONDON—Global oil discoveries fell to a record low in 2016, the International Energy Agency says, raising fresh concerns about the potential for a petroleum-supply shortage as soon as 2020.</font></p></div></div></div></div></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><span class="" style="font-size: 14px;"><br class="webkit-block-placeholder"></span></div><div class=""><span class="" style="font-size: 14px;">Behind paywall at</span></div><div class=""><a href="https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000" class="" style="font-size: 14px;">https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000</a></div><div class="">
<div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^<br class="">” … housing growth poses the main threat to protected areas in the United States <br class="">whereas deforestation is the main threat in developing countries."<br class=""> <br class="">Volker C. Radeloff, Susan I. Stewart et al. Housing growth in and near United States <br class="">protected areas limits their conservation value. PNAS. January 12, 2010. <br class=""><br class=""><a href="http://www.pnas.org/content/107/2/940.abstract?sid=4718e5e2-8fa3-475a-9b92-032f399600c3" class="">http://www.pnas.org/content/107/2/940.abstract?sid=4718e5e2-8fa3-475a-9b92-032f399600c3</a></div></div></div><br class="Apple-interchange-newline"><br class="Apple-interchange-newline">
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