Oil collapse results in companies delaying $1 trillion in projects

A new report from energy research firm Wood Mackenzie finds the collapse of oil prices has caused the energy industry to delay $1 trillion in projects aimed at pumping crude and searching for oil through the end of the decade, according to FuelFix.com. The energy news site says the industry is expected to continue to drop big projects as oil companies run out of cash. All told, the oil bust has pushed companies to defer $740 billion in production projects, and another $300 billion that would have gone toward exploration projects through 2020 has been cut. For more, read the full story.