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

To: Box-By-The-Riviera™ who wrote (39630)	3/11/1999 11:54:00 AM
From: William JH	Respond to of 95453

Whatever happens with OPEC, it appears that the low price of crude has succeeded in shutting in much of the domestic heavy oil production. ABC news last night did a piece about oil production in Oklahoma. One man said that he was going out of business, no matter that prices had recovered somewhat. He is getting less per bbl for his heavy crude, and is paying $3 bbl severance tax. His production cost was said to be $13.50 bbl. Another man said that his company previously had 18 employees and now has 2. Similar story appeared in the LA Times recently regarding production in Bakersfield, Ca.