Oil and gas production continues sideways ///

Crude and condensate. Early results from December show that US crude production in 2008 fell only slightly, by 0.6%. And this was despite record oil prices that peaked at over $140/bbl. By any measure, US oil production has been going sideways for three years in a row. However, if not for hurricanes Ike and Gustav, the production decline would have been halted. Also absent the hurricanes, Lower 48 production would have eked out a small gain. Alaska lost 3.9%, or 28,000 bpd, in production. The state is a perennial loser and shows no signs of reversing that trend. There are at least 200 million bbl of liquids at Point Thompson, but ExxonMobil lost the lease due to inactivity and is fighting in the courts to regain it. There are also an estimated 25 billion bbl of heavy oil, with a “guesstimated” 7 billion bbl recoverable. The 2.1 million-bpd capacity of the Trans Alaska Pipeline System remains grossly underutilized at today’s 700,000-bopd rates. Missouri’s oil production soared last year in

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