U. S. oil budget this year hits record $26. 5 billion

Journal Article · Mon Feb 23 04:00:00 EST 1976 · Oil Gas J.; (United States)

OSTI ID:6883895

The petroleum industry has budgeted a record $26.5 billion this year for capital projects within the U.S. Nearly 62% of the total is earmarked for exploration-production activity. The 1976 budget represents a slight increase from the $26.4 billion estimated spent in 1975 and is 22.9% higher than the $21.5-billion outlay in 1974. The big 1976 budget--especially the large gain in exploration-through-production spending--comes as a surprise in view of the 25% profits decline in 1975, the loss of depletion, the crude-price rollback, and continuing uncertainty over potential further adverse actions by the federal government. Canadian companies plan a 34% increase in capital spending for 1976 after a year of trimmed budgets in 1975.

• OSTI ID: 6883895
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 74:8; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
BUDGETS
EXPLORATION
INDUSTRY
NORTH AMERICA
PETROLEUM INDUSTRY
PRICES
PRODUCTION
USA