Capital Spending Outlook: Strong oil, gas prices continue to fuel capital spending

The copious pool of funds derived from the past year and a half's strong crude oil and natural gas prices allows for the healthy capital investment of 2000 to continue in 2001.Oil & Gas Journal's annual capital spending survey reveals that expenditures in the US, Canada, and elsewhere will top 2000 levels. Spending in the US and Canada will continue to rise, though by much smaller margins than last year. Outside the US and Canada, investments made by the companies surveyed will also increase, reversing last year's declines.A year ago, the survey indicated that US exploration and production spending would rise by about 29%. This proved conservative, as the new survey shows that...

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