Associations, government help U.S. independents grapple with low oil prices

Patrick Crow Energy Policies Editor U.S. CRUDE PRICES SLIDE [56,681 bytes] The U.S. Department of Energy and oil associations are scrambling to help smaller U.S. producers survive a deep oil price depression that has no end in sight. They are examining short and long-term measures to help independents, reeling from the 5-month-old oil price slump. But most of the actions will take time, and independents are being told they must remain patient and optimistic. The American Petroleum Institute recently said U.S. wellhead prices last November averaged less than $10/bbl, the lowest level in more than 50 years, when adjusted for inflation. It said the prices were dow...

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