Report: high oil-field costs crimp search for new supplies

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    WASHINGTON, Aug. 1 (Xinhua) -- The escalating cost of extracting oil is complicating the industry's ability to respond to higher prices with new supplies, setting the stage for still-higher prices in the months and years to come, The Wall Street Journal reported on Wednesday.
    During past surges, higher oil prices pinched consumers and the economy but also made a greater amount of untapped oil economical to pump.
    As a result, new supplies eventually came online, putting downward pressure on prices. That dynamic helped tame the high oil prices of the early 1980s.
    But during the current four-year rise in oil prices, inflation for equipment, labor and other crucial oil-field needs has largely kept up with the rise in oil prices, said the report.
    In recent quarters, this has crimped results at the world's oil producers, including western majors such as Exxon Mobil Corp. as well as the world's biggest state-run oil companies, and has also led to delays and cancellations of major projects, the report added.
    Prices for things including drilling rigs and skilled laborers have largely kept up with the oil-price rise.
    Research firm Cambridge Energy Research Associates estimated capital costs for the oil industry's exploration and investment have risen nearly 80 percent since 2000, according to the report.
    Rising prices for equipment and services are expected to lead to more investment in those areas, picking up the slack over the long term. Until that happens, consumers could see prices continue to rise, said the report.
               
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