Oil is abundant and prices high, but steeper costs push Big Oil into a global slump

  • Article by: JONATHAN FAHEY , AP Energy Writer
  • Updated: August 1, 2013 - 6:05 PM

NEW YORK — New troves of oil have been found all over the globe, and oil companies are taking in around $100 for every barrel they produce. But these seemingly prosperous conditions aren't doing much for Big Oil: Profit and production at the world's largest oil companies are slumping badly.

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