Gulf of Mexico update: May 1988 - July 1989, outer continental shelf oil & gas activities

This Update discusses offshore oil and gas activities in the Gulf of Mexico OCS region for the period May 1, 1988, through July 15, 1989. During this period, the offshore oil and gas industry in the Gulf of Mexico OCS Region continued to rebound from the oil and natural gas price declines of the mid-1980's. The chart in figure 3 (p.4) displays the prices for selected crude oils, as well as the offshore rig count for the past 9 years. The price of oil, as well as the number of working offshore rigs, has stabilized over the past year. This Update discusses what effect this may have had on the region and provides information regarding recent trends in the Gulf of Mexico OCS Region.