New Mexican / Associated Press
May 25, 4:02 AM EDT
Selected quotes:
"Oil company executives agree that oil in the $70-$75 per barrel range is needed to revive the industry, but a lack of credit capital, unstable oil prices and high service costs are all factors holding back the industry."
'"Natural gas is basically worthless at this point," said Johnny Gray, president of Marbob. "A lot of companies will use the natural gas to pay a lot of their overhead and they take the profits off the oils and drill new wells. If natural gas is worth nothing, then you have to take part of your oil profit and use it for overhead."'
"Fine said he believes federal regulations being discussed will help regulate the price, which should stabilize around $70 a barrel.
Bob Gallagher, president of the New Mexico Oil & Gas Association, said he, too, thinks $70 a barrel for oil is coming."
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