The U.S. oil and gas industry has lost 41,000 jobs and shut in more than 136,000 oil wells and 57,000 gas wells since oil prices began dropping in November 1997, said Independent Petroleum Association of America.
IPAA Pres. Gil Thurm said, "America's oil and natural gas production base is eroding. And if action is not taken immediately, the Y2K computer problem predicted in 2000 will look like a stroll in the park compared with what America will face without a functioning domestic oil and gas industry."
IPAA's projections were based on an industry-wide survey it conducted in January. The data were based on 573,504 wells that produced 6.4 million b/d of...