Canadian Companies Shift Investment to Oil
Source: The Vancouver Sun (9/11/08)
Small Canadian oil-and-gas companies are dramatically shifting capital spending to their oil assets or lowering their budgets altogether to avoid pouring too much money into the less favourable natural gas market.
Producers cannot resist the lure of revamping their spending plans as crude soared to a high of more than $147 US this year. While light crude continued its slide Wednesday, losing 68¢ to close $102.58 US on the New York Mercantile Exchange Wednesday, many still favour it over natural gas.