US crude reserves plunged 7% in 1998

Click here to enlarge imageThe US Energy Information Administration reports proved reserves of US crude oil fell 7% in 1998, the largest percentage decline in over 50 years. Crude reserves were 21.03 billion bbl, down 1.5 billion from the end of 1997.An EIA study noted crude oil prices plunged in December 1998 to levels last seen in 1935, after adjusting for inflation. It said falling crude prices led to a drop of almost 60% in rigs drilling for oil during 1998. This led to a decline in the number of new and producing oil wells, which was followed by the drop in oil reserves.Only 24% of 1998 oil production was replaced by proved reserve additions.The report said US dry gas reserves slip...

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