Analysts and traders can make all the predictions they want about where oil prices are headed and when the global oil industry will begin to recover. But, the true oil and gas recovery will begin when cash starts flowing back into the space.

Recent news from Chevron Corporation CVX 1.67%, Exxon Mobil Corporation XOM 0.62% and BP plc (ADR) BP 1.47% could be the first signs that the frozen oil industry is beginning to thaw. Chevron, Exxon and several partners announced this week that they have committed $37 billion to expansion of the Tengiz oil project in Khazakhstan.

Just last week, BP approved a multi-billion-dollar gas export expansion. Last month, BP announced it will be fast-tracking a major gas project in Egypt.

Jefferies analyst Jason Gammel called the Tengiz project “an inflection point” for the industry.

“It shows…

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