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CAPP says spending will be down a third in the oilpatch this year

Investment in Alberta’s oilpatch is expected to be about a third lower than the previous year, according to the Canadian Association of Petroleum Producers.

With oil prices sitting stubbornly below the 50 dollar a barrel mark the industry is only expected to spend about $46 billion in 2015, compared to 2014’s $69 billion investment.

CAPP is still forecasting western Canada to produce more oil this year than in 2014, but forecasts for 2015 and 2016 have dropped.

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