USA TODAY | Oil industry cutbacks may not be enough USA TODAY Chevron announced on Wednesday its decision to slash capital expenditures even further for 2016, cutting spending down to $26.6 billion, or about 24% below 2015 levels. "Our capital budget will enable us to complete and ramp-up projects under ... US oil settles at $35.62 a barrel, plunges over 10% for week Oil Sinks to Biggest Weekly Decline of 2015 After IEA Warning Oil Falls to Lowest Since 2008 as OPEC Seen Fueling Supply Glut |