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Gold/Mining/Energy : Nevtah/Tower Oil Intl.- NTAH
NTAH 0.00400-60.0%Jul 24 5:00 PM EST
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To: Alan Brezin who wrote (1625)6/25/1998 2:04:00 AM
From: TWICK  Read Replies (1) of 3817
 
Looks like my prediction in post #1520 is coming true. Big surprise, Huh ?? Found the following on the Oil On-Line web site. Here is how OPEC is hurting drillers in the gulf:

Taylor Energy shuts-in U.S. Gulf production
June 23, 1998

Taylor Energy Co., New Orleans, is shutting in its oil production due to low crude oil prices. The privately-held independent company said the move comes following a 50 percent drop in the price of a barrel of oil over the last six months, bringing current prices to a 12-year low. Company President Patrick F. Taylor said it is "imprudent to dissipate our reserves at such low prices." "Even though our oil production is profitable at these prices, it is not to the long-term advantage of our company to continue production," Taylor said. He added that his company's production will be resumed when crude oil prices reach acceptable levels. Taylor Energy has been producing approximately 5,500 b/d of oil from six fields.
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