U.S. ENERGY POLICY MUST DO WHOLE JOB

During the first few weeks of 1992, the U.S. rig count has set a modern record low, crude oil production has lagged year-earlier levels by about 100,000 b/d, and natural gas producers have announced a new round of sales constraints. Layoffs continue in U.S. oil and gas companies, service firms, and oil field suppliers. Last week a large drilling contractor announced plans to mothball 29 land rigs and trim 200 jobs.

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