U.S. ENERGY SECRETARY SEES HIGHER OIL PRICES
Energy Secretary Donald Hodel said he
expects oil prices to rise significantly by the year 2000,
probably to around 33 dlrs a barrel in current dollars.
    "I do anticipate a significant increase (by 2000).
Thirty-three dlrs a barrel is not unreasonable," Hodel told the
Senate Energy Committee.
    Hodel said the loss of some domestic oil production through
the shutdown of stripper (10 barrels a day or less) wells
because of low prices was probably permanent. He said he was
also concerned by the decline in domestic oil exploration.
    Hodel urged Congress to approve oil exploration in section
1002 of the Arctic National Wildlife Refuge in Alaska. He said
geologic condtions in the area were favorable for the discovery
of oil fields equal to those in nearby Prudhoe Bay.
 Reuter
