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Soaring Drilling Costs Obscene Oil Profits, Costs Rising
The piece argues drilling costs have surged far faster than oil prices. It cites Ed Thompson of the Permian Basin Petroleum Association and independent operators, noting 1973 costs around 130k–150k per well rising to about 240k in 1974, plus wage, rig, and service cost jumps. It details labor, crane, casing, bits, fuel, and producing-well equipment costs, with operating costs rising from 20% to 43% of income by 1974. James Henry says inflation for oil is about four times national rate.
MENTIONED IN THIS ARTICLE
Ed Thompson
Permian Basin Petroleum Association
Ing
Thompson
West Texas
Permian Basin
Petroleum Museum
Drake Museum
Pennsylvania
Permian Reef
Hall of Fame
Homer Fort
West
Texas