As Oil Sinks, Producers Reprioritize Investments

Source:

"Budgets in the U.S. and Canada are being cut the most."

Plummeting oil prices have rattled the energy industry, leading oil-rich nations and energy companies to cut production and investment in an effort to stop the slide.

Oil prices hit a more than 4-year low this week, falling 77% in the past five months. On Friday, crude oil for January delivery fell $2.35, or 6.5%, to $33.87 a barrel on the New York Mercantile Exchange. Oil producers who were enjoying record-setting revenue earlier this year are re-examining projects that now are of questionable value.

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