EIA reports largest U.S. oil reserves drop in 50 years1998 falling crude prices led to drop of almost 60 percent in rigs drilling for oil during the year, followed by decline in wells Petroleum News Alaska
The U.S. Department of Energy’s Energy Information Administration said Nov. 24 that U.S. proved reserves of crude oil fell 7 percent in 1998, the largest percentage decline in over 50 years.
The EIA’s 1998 annual report, “Advance Summary: U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserve....
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Natural gas down as well Some Alaska projects delayed Proved reserves of natural gas also down
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