EIA LISTS DECLINE IN U.S. OIL, GAS, GAS LIQUIDS

A tally by the Energy Information Administration shows U.S. proved reserves of oil, gas, and gas liquids declined in 1992 due to low oil and gas prices that reined drilling. EIA said oil reserves were down 937 million bbl, or 3.8%, to 23.745 billion bbl, largely because low prices pushed oil well completions down 28% to 8,640, a 20 year low. The 3.8% drop was more than twice the average decline of 1.7%/year for the past decade. While most areas had declines, two areas accounted for 73% of the

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