Jeff Bingaman: “The Independent Petroleum Association of America (IPAA) and the National Stripper Well Association (NSWA) write in…”

“The Independent Petroleum Association of America (IPAA) and the National Stripper Well Association (NSWA) write in support of your amendment to the FY 1999 Treasury/Postal Appropriations. IPAA and NSWA, national associations representing America's 8,000 crude oil and natural gas producers, applaud your effort to seek an emergency appropriation of $420 million to purchase 28 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). Throughout 1998, America's independent oil producers have been experiencing a price crisis of historic magnitude. From October 1997 through July 1998, crude oil prices have dropped more than $7.00 per barrel.”