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U.S. oilfield spending could rise 25% to $110 billion next year

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Drilling for oil in the United States appears poised for a major comeback, reports fuelfix.com:

"If oil prices hold onto recent gains, drillers could pump billions back into U.S. oil fields next year, setting the stage for an industry comeback after two years of deep cutbacks.

"In North America, oil companies have signaled they may collectively hike oilfield spending 25 percent to $110 billion next year, the largest budget increase since at least 2000, according to investment bank Evercore ISI, which surveys the oil companies every year. That money would flow directly to the oil field service companies that make drilling equipment..."

Read the full story here.


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