U.S. crude oil prices lowest since 1930s depression

U.S. crude prices at yearend 1998, when adjusted for inflation, were at their lowest levels since the Great Depression of the 1930s, the American Petroleum Institute said. API said December 1998 wellhead prices averaged less than $8/bbl, a 47% plunge from December 1997. For the whole year, wellhead prices dropped 37% in 1998. Tough year Paul G. Wakim, API director of statistics, called 1998 "one of the toughest years for the U.S. oil and natural gas industry." U.S. crude oil production averaged 6.226 million b/d in December 1998, a 4.7% decline from December 1997. In comparing the 2 years, production fell about 2.5% in 1998. The total number of operating rigs drilli...

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