A study of capital budget expectations of more than 400 oil and gas companies published by the Barclays Capital commodities research team showed that global exploration and production spending in the industry will surpass a half a trillion dollars in 2011. Spending should rise 16% to $529 billion this year compared with $458 billion last year. This is a positive sign for oil prices.
NEW YORK (TheStreet) -- Oil prices may be falling, but the industry is gearing up for longer-term growth, offering investors a potentially prime opportunity to profit from the energy sector.
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