The Oil & Gas Journal has an interesting article on anticipated capital spending in North America for 2012.  "Capital expenditures for all oil and gas projects in North America will increase modestly this year ***. While upstream spending in 2012 will climb, the rate of growth will decelerate from a year ago. OGJ projects that total US capital spending for upstream, midstream, downstream, and corporate activities will increase by 3.5% this year to $302 billion following a 12% surge in spending during 2011. The increase in upstream spending will be heavily weighted toward the development of oil and liquids-rich shales rather than dry gas production."

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