Lower 48 output falls to 50-year low

02/22/1999
U.S. Lower 48 oil production was 4.8 million b/d in January, the lowest in more than 50 years and down 6% from January 1998, the American Petroleum Institute said. Alaska, which accounts for a fifth of U.S. production, saw its output plunge 15% in January. API said that, over the past 4 years, Alaska's decline has averaged 5-8%/year, and the state's output now is more than 60% below its March 1988 peak of nearly 2.1 million b/d. It said that, adjusted for inflation, oil prices are at their lowest level since the great depression of the 1930s and have resulted in shut-in wells and delayed production projects. API said that recently released federal employment data ...
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