Canadian Petroleum Industry Feeling Pinch as Costs Rise
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Associated Press
CALGARY — Rising expenses are combining with stagnant prices to squeeze any remaining fat out of the Canadian petroleum industry, a prominent Calgary economist reported.
Costs of finding oil are climbing “because we’re working in a maturing reserves basin” where the size of discoveries is shrinking, while expenses involved in making them are not, Janice Pasay said Thursday.
World oil prices have been hovering around $15 to $16 a barrel for several months.
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