Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Tomas who wrote (56412)	12/8/1999 8:40:00 AM
From: ldo79	Read Replies (1) of 95453

Here's a little "supply-side" economics info for everyone: Largest Oil Reserves Drop in Over 50 Years 11/24/99 US proved reserves of crude oil fell 7% in 1998, the largest percentage decline in over 50 years, according to information released by the Energy Information Administration (EIA) in its report "Advance Summary: US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves, 1998 Annual Report." Crude oil prices, which began a decline in 1997, plunged by December 1998 to levels last seen in 1935 after adjusting for inflation. Falling crude prices led to a drop of almost 60 percent in rigs drilling for oil during 1998, followed by a decline in the number of new and producing oil wells, which was followed by the drop in oil reserves. Only 24% of 1998 oil production was replaced by proved reserve additions. oilandgasonline.com{6EB4C10A-A1A5-11D3-9A73-00A0C9C83AFB}&Bucket=Latest+Headlines Regards, ldo79

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