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Low oil prices hit local oil firms and services hard
Mount Carmel reports show Southern Triangle Oil Company cutting drilling crews and delaying new wells as oil prices plunge. President Lester D. Moore notes costs do not fall with income, exploration slows, layoffs rise, and wells may be shut to cut losses. He cites disconnect between crude price and pump price and calls for OPEC/N middle east adjustments to reverse trends.
MENTIONED IN THIS ARTICLE
Mount Carmel
Southern Triangle Oil Company
Lester D. Moore
Southern Triangle
Lester
Illinois
Middle East
Saudi Arabia
United States