Spending by the oil and natural gas industry on drilling and equipping wells in the U.S. jumped by 44 percent in 2006 to an all-time high of $109.8 billion, according to the American Petroleum Institute.
“This unprecedented level of spending clearly demonstrates the industry’s commitment to actively invest in exploring for and finding new sources of crude oil and natural gas,” said Hazem Arafa, director of API’s statistics department.
Expenditures on natural gas wells accounted for 54 percent of the spending, while oil wells accounted for 34 percent. Spending on dry holes accounted for the balance.