Porter: Idea U.S. Has Plenty of Oil Common Misunderstanding

By L. D. Barney | THE JOURNAL RECORD, July 15, 1986 | Go to article overview

Porter: Idea U.S. Has Plenty of Oil Common Misunderstanding


L. D. Barney, THE JOURNAL RECORD


At $10 a barrel the U.S. crude oil industry is essentially bankrupt, Louisiana Secretary of Natural Resources B. Jim Porter told those attending the Interstate Oil Compact Commission's annual meeting in Anchorage, Alaska.

At $15 the oil industry is in a liquidation posture, he added.

"The end result of falling oil prices is increased short-term dependence on temporary cheap foreign energy sources and increased out-flow of U.S. dollars," Porter said. "In the long-term, when oil returns to a short supply situation, America's deteriorating ability to meet its own energy needs will drive up long-term energy costs and strategic vulnerability."

One commonly held misunderstanding is that the U.S. has plenty of oil, Porter said.

"Each year we are finding less than we produce," he said. "Demand is increasing and discovery is decreasing.". .

- Jack Graves, immediate past president of the Oklahoma Independent Petroleum Association, has been elected to The Energy Advocates, a Tulsa-based public speaking group.

Graves is founder and president of Calumet Oil Co. . .

- PETROTECH '86, the 1986 Oklahoma Petroleum Technology Show, is scheduled July 24-26 in the Myriad Convention Center in Oklahoma City.

There are still oil related companies which are striving and surviving despite some rough times in the past few months and these are the companies that bring products and services to this year's show, according to Classic Production Inc., the Tyler, Texas show management company.

"The exhibitors have proven that by the their participation this year," the company says, "the need for a show of this nature exists and Classic Productions will continue to provide a place for them to exhibit, advertise, promote and sell their products."

The show is endorsed by the Desk & Derrick Club of Oklahoma City, the Oklahoma City Chamber of Commerce and the Adolph Coors Co. of Golden, Colo. . .

- William M. Bogert has joined Bogert Oil Co. as vice president of operations and engineering.

Bogert brings nearly 40 years of experience in the petroleum industry to the company, said his brother, Richard Bogert, president and chairman of the board.

"The current environment of low oil and gas prices has made drilling decisions very difficult for exploration and production companies," Richard bogert said. "Bill is very well respected for his ability to find ways to manage under adverse conditions.

"His experience is invaluable in our efforts to reduce our finding and production costs and continue to maintain operations at profitable levels."

William Bogert most recently served as vice president of Quasar Petroleum with responsibility for drilling and production operations in the United States and Canada. He had been with Quasar for 13 years.

He worked in west Texas, Libya and Canada for AMOCO from 1948 to 1969. …

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