U.S. crude oil production down 7% for 1999

05/24/1999
U.S. crude oil production has dropped 7% since the beginning of the year, the American Petroleum Institute reports. It said U.S. output was down 6.9% in April at 5.89 million b/d from the same month in 1998, and Alaskan output was off 9.9% at 1.089 million b/d. Natural gas liquids production fell 10.7% to 1.660 million b/d. API said, "Even though crude oil prices have risen, especially in the last 2 months, wellhead prices that (U.S.) producers receive averaged only $14/bbl, still below 1997 levels. Oil industry employment remained weak, with a total of 55,500 U.S. jobs lost since the end of 1997. And April's rig count (for U.S. drilling rigs searching for oil) averag...
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