The graph shows that investment has fallen sharply as uncertainty reached record levels …
This is true in the case of Shale oil which had been considered as unconventional.
By definition, it became conventional when prices surged to the $100/b level and remained there for enough time to make bankers confident in order to lend money.
Heavy investment came in and the rest is history.
This instability doesn’t apply for those who have been in this business for a century or so with all the ups and downs of prices, production costs, technological innovations , environmental limitations, and major political and military shocks.
That is why this is not universal, but specific to the unconventional oil business.