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Article: Oil patch (and U.S.) still groggy from 1986 crude price collapse.
- Article from:
- National Petroleum News
- Article date:
- January 1, 1988
- Author:
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Oil Patch (and U.S.) Still Groggy From 1986 Crude Price Collapse
The domino effect from the 1986 crude oil price collapse is still rippling across the economies of 10 major oil producing states, according to data from an updated American Petroleum Institute survey.
In fact, the survey of government and industry data for the first nine months of 1987 shows that overall U.S. economic indicators continue to reflect the pinch from the price downturn, API says. Bank failures, a key indicator, rose by more than two-thirds in the U.S. in the first nine months of 1987, according to the Federal Deposit Insurance Corp., with Texas and Oklahoma recording the highest ...