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4. Market Conditions During 1986
During 1986, oil and gas prices were on the decline.16 At
the same time, the cost of drilling for oil and gas was on the
rise. As a result, many oil and gas companies cut back their
16 The posted per-barrel price for West Texas Intermediate
Crude as of the beginning of each month during 1986 was as
follows:
Month Price
Jan. $25.00
Feb. 23.00
Mar. 18.75
Apr. 15.00
May 13.25
June 14.00
July 14.00
Aug. 12.25
Sept. 14.25
Oct. 14.25
Nov. 14.25
Dec. 14.25
The posted per-Mcf price for gas as of the beginning of each
month during 1986 was as follows:
Month Price
Jan. $2.00-2.25
Feb. 1.90-2.20
Mar. 1.80-2.15
Apr. 1.55-1.95
May 1.35-1.70
June 1.35-1.50
July 1.35-1.55
Aug. 1.40-1.55
Sept. 1.35-1.50
Oct. 1.25-1.45
Nov. 1.30-1.50
Dec. 1.35-1.50
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