Oil and natural gas well completions in the U.S. fell 51% in the fourth quarter of 2015, according to the Energy Information Administration. Well completions for the entire year fell 35% compared to 2014 levels, with 37% fewer oil well completions and a 28% decline in gas well completions.
The American Petroleum Institute called on the federal government to scale back regulations and expedite permitting on federal lands to help domestic producers compete in the global market as oil prices stagger below $30 per barrel.
The Obama Administration last week halted new coal leases on federal lands until it can review royalty rates it collects from producers. President Obama suggested in his State of the Union address oil and gas drilling on federal lands would come under review as well.
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