The American Petroleum Institute says the oil industry depression continued in February, with U.S. crude production falling 6.8% from a year ago to 5.946 million b/d, and a further 8,900 petroleum jobs being lost.
API said the additional 8,900 U.S. upstream jobs lost in February brought the total petroleum employment decline since December 1997 to 51,400 jobs, or more than 15% of the work force.
It said early 1999 production was at the lowest level in nearly 50 years. And wellhead prices averaged only $9/bbl, roughly 30% below a year ago and less than half the price 2 years ago.
For the second straight month, Alaska's production decline was in double digits. Compared ...