No 48



US Crude Reserves In 1998 Saw Biggest Decline For 50 Years

US proved reserves of crude oil fell 7% in 1998, the biggestpercentage decline in more than 50 years, according to the Energy InformationAgency (EIA). In an advance summary of U.S. Crude Oil, Natural Gas, andNatural Gas Liquids Reserves, 1998 Annual Report, the EIA says the sharpdecline in oil prices led to a drop of almost 60% in rig drilling for oil,followed by a decline in new and producing...