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H1N1 - News |
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EDMONTON/630 CHED
3/18/2010
A business watchdog group says Canada's oil and gas industry could see a surge in profits this year, driven partly by the rising price of crude oil.
The Conference Board of Canada says in a report that higher crude prices and stronger production will help the oil industry boost its pretax profits as much as 66 per cent higher than last year, reaching $8 billion.
The think-tank says that's still well below results from when the industry peaked in 2008 amid a big rise in energy prices. The report suggests that cost pressures will keep industry profits from returning to those peak levels until late 2014, when it's forecast that oil prices could go as high as $114 U.S.
In the meantime, the revenues of Canada's oil companies are expected to climb an average of more than 14 per cent each year for the next four years. (CHQR, ccg)
On the Net:
ConferenceBoard.ca: Canada’s Oil Extraction Industry: Industrial Outlook Winter 2010
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