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

01/18/1999
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...
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected