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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: shust who wrote (37387)	2/11/1999 7:39:00 PM
From: Jamey	Respond to of 95453

Oklahoma Oil Cos. got a big break on taxes. It will depend on price of oil as to how much their tax bill will be. Also U.S. Energy Info. Admin. is projecting that the average cost of imported oil to U.S. refiners is expected to climb to about $13.00 a barrell by the end of 1999. During 1998, the average price of oil at the wellhead was about $11.25. According to the news release, the loss of 41,000 jobs in the O/G industry and the shutdown of more than 136,000 oil wells and 57,000 natural gas wells should be sending shock waves through the halls of the Congress, and the Clinton administration, according to Association president Gil Thurm. Major producing states are Texas, 191 wells. La. total, 135; Oklahoma with 66 wells and the next closest was New Mexico with 26 wells. Total rig count overall was 558 wells. On Feb. 6, 1998 there were 974 active wells. Santiago