CANADIAN INDUSTRY SLASHES SPENDING

Canadian petroleum industry spending will be down sharply this year from the 1991 level, and there is no upturn in sight for 1993. The Canadian Petroleum Association in its annual spending forecast and review said the industry spent $18.9 billion in 1991, up slightly from 1990. Outlays for 1992 will be at least 20% below 1991 levels because of the depressed financial state the industry. Mike Ratuski, CPA chief economist, said it is too soon to make a detailed forecast, but increases in

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