Table 4.8  Costs of Crude Oil and Natural Gas Wells Drilled, 1960-2006
Year	Thousand Dollars per Well					Dollars per Foot
	Crude Oil 1	Natural Gas 2	Dry Holes 3	All		Crude Oil 1	Natural Gas 2	Dry Holes 3	All
	Nominal 4	Nominal 4	Nominal 4	Nominal 4	Real 5	Nominal 4	Nominal 4	Nominal 4	Nominal 4	Real 5
1960	52.2	102.7	44.0	54.9	261.1	13.22	18.57	10.56	13.01	61.83
1961	51.3	94.7	45.2	54.5	256.2	13.11	17.65	10.56	12.85	60.39
1962	54.2	97.1	50.8	58.6	271.8	13.41	18.10	11.20	13.31	61.71
1963	51.8	92.4	48.2	55.0	252.4	13.20	17.19	10.58	12.69	58.22
1964	50.6	104.8	48.5	55.8	252.2	13.12	18.57	10.64	12.86	58.11
1965	56.6	101.9	53.1	60.6	269.1	13.94	18.35	11.21	13.44	59.64
1966	62.2	133.8	56.9	68.4	295.1	15.04	21.75	12.34	14.95	64.51
1967	66.6	141.0	61.5	72.9	305.1	16.61	23.05	12.87	15.97	66.84
1968	79.1	148.5	66.2	81.5	327.0	18.63	24.05	12.88	16.83	67.56
1969	86.5	154.3	70.2	88.6	338.7	19.28	25.58	13.23	17.56	67.15
1970	86.7	160.7	80.9	94.9	344.6	19.29	26.75	15.21	18.84	68.42
1971	78.4	166.6	86.8	94.7	327.6	18.41	27.70	16.02	19.03	65.82
1972	93.5	157.8	94.9	106.4	352.8	20.77	27.78	17.28	20.76	68.82
1973	103.8	155.3	105.8	117.2	367.8	22.54	27.46	19.22	22.50	70.65
1974	110.2	189.2	141.7	138.7	399.5	27.82	34.11	26.76	28.93	83.31
1975	138.6	262.0	177.2	177.8	467.9	34.17	46.23	33.86	36.99	97.34
1976	151.1	270.4	190.3	191.6	476.7	37.35	49.78	36.94	40.46	100.66
1977	170.0	313.5	230.2	227.2	531.4	41.16	57.57	43.49	46.81	109.49
1978	208.0	374.2	281.7	280.0	611.8	49.72	68.37	52.55	56.63	123.76
1979	243.1	443.1	339.6	331.4	668.8	58.29	80.66	64.60	67.70	136.64
1980	272.1	536.4	376.5	367.7	680.4	66.36	95.16	73.70	77.02	142.52
1981	336.3	698.6	464.0	453.7	767.4	80.40	122.17	90.03	94.30	159.51
1982	347.4	864.3	515.4	514.4	820.0	86.34	146.20	104.09	108.73	173.34
1983	283.8	608.1	366.5	371.7	570.1	72.65	108.37	79.10	83.34	127.81
1984	262.1	489.8	329.2	326.5	482.5	66.32	88.80	67.18	71.90	106.27
1985	270.4	508.7	372.3	349.4	501.2	66.78	93.09	73.69	75.35	108.09
1986	284.9	522.9	389.2	364.6	511.7	68.35	93.02	76.53	76.88	107.90
1987	246.0	380.4	259.1	279.6	382.0	58.35	69.55	51.05	58.71	80.21
1988	279.4	460.3	366.4	354.7	468.6	62.28	84.65	66.96	70.23	92.78
1989	282.3	457.8	355.4	362.2	461.1	64.92	86.86	67.61	73.55	93.63
1990	321.8	471.3	367.5	383.6	470.2	69.17	90.73	67.49	76.07	93.23
1991	346.9	506.6	441.2	421.5	499.1	73.75	93.10	83.05	82.64	97.86
1992	362.3	426.1	357.6	382.6	442.9	69.50	72.83	67.82	70.27	81.35
1993	356.6	521.2	387.7	426.8	482.9	67.52	83.15	72.56	75.30	85.20
1994	409.5	535.1	491.5	483.2	535.4	70.57	81.90	86.60	79.49	88.07
1995	415.8	629.7	481.2	513.4	557.4	78.09	95.97	84.60	87.22	94.70
1996	341.0	616.0	541.0	496.1	528.6	70.60	98.67	95.74	88.92	94.74
1997	445.6	728.6	655.6	603.9	632.9	90.48	117.55	115.09	107.83	113.01
1998	566.0	815.6	973.2	769.1	797.2	108.88	127.94	157.79	128.97	133.69
1999	783.0	798.4	1,115.5	856.1	874.8	156.45	138.42	182.99	152.02	155.33
2000	593.4	756.9	1,075.4	754.6	754.6	125.96	138.39	181.83	142.16	142.16
2001	729.1	896.5	1,620.4	943.2	921.1	153.72	172.05	271.63	181.94	177.68
2002	882.8	991.9	1,673.4	1,054.2	1,011.9	194.55	175.78	284.17	195.31	187.46
2003	1,037.3	1,106.0	2,065.1	1,199.5	1,127.4	221.13	189.95	345.94	216.27	203.25
2004	1,441.8	1,716.4	1,977.3	1,673.1	R 1,528.5	298.45	284.78	327.91	292.57	R 267.28
2005	1,920.4	1,497.6	2,392.9	1,720.7	R 1,522.7	314.36	280.03	429.92	306.50	R 271.24
2006	2,238.6	1,936.2	2,664.6	2,101.7	1,803.0	402.45	348.36	479.33	378.03	324.30
1See "Crude Oil Well" in Glossary. R=Revised.   2See "Natural Gas Well" in Glossary. Notes:  ·  The information reported for 1965 and prior years is not strictly comparable to that in more recent surveys.  ·  Average cost is the arithmetic mean and includes all costs for drilling and equipping wells and for surface-producing facilities.  Wells drilled include exploratory and development wells; excludes service wells, stratigraphic tests, and core tests.  See "Development Well" and "Exploratory Well" in Glossary. 3See "Dry Hole" in Glossary. Web Page:  For related information, see http://www.api.org/statistics/accessapi/api-reports.cfm. 4See "Nominal Dollars" in Glossary. Source:  American Petroleum Institute, 2006 Joint Association Survey on Drilling Costs (May 2008). 5In chained (2000) dollars, calculated by using gross domestic product implicit price deflators in Table D1.  See "Chained Dollars" in Glossary.