Table 4.8  Costs of Crude Oil and Natural Gas Wells Drilled, 1960-2006
Year	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	52,160	102,656	44,009	54,934	261,081		13.22	18.57	10.56	13.01	61.83
1961	51,253	94,719	45,235	54,518	256,218		13.11	17.65	10.56	12.85	60.39
1962	54,223	97,093	50,793	58,635	271,848		13.41	18.10	11.20	13.31	61.71
1963	51,801	92,368	48,201	55,023	252,422		13.20	17.19	10.58	12.69	58.22
1964	50,589	104,752	48,512	55,820	252,225		13.12	18.57	10.64	12.86	58.11
1965	56,573	101,865	53,143	60,648	269,128		13.94	18.35	11.21	13.44	59.64
1966	62,169	133,806	56,949	68,386	295,072		15.04	21.75	12.34	14.95	64.51
1967	66,647	140,995	61,491	72,902	305,119		16.61	23.05	12.87	15.97	66.84
1968	79,126	148,537	66,183	81,463	326,990		18.63	24.05	12.88	16.83	67.56
1969	86,499	154,318	70,222	88,554	338,652		19.28	25.58	13.23	17.56	67.15
1970	86,718	160,662	80,942	94,885	344,610		19.29	26.75	15.21	18.84	68.42
1971	78,431	166,582	86,795	94,708	327,585		18.41	27.70	16.02	19.03	65.82
1972	93,506	157,764	94,899	106,424	352,795		20.77	27.78	17.28	20.76	68.82
1973	103,758	155,272	105,778	117,152	367,836		22.54	27.46	19.22	22.50	70.65
1974	110,176	189,177	141,733	138,718	399,476		27.82	34.11	26.76	28.93	83.31
1975	138,640	262,008	177,229	177,793	467,852		34.17	46.23	33.86	36.99	97.34
1976	151,064	270,375	190,334	191,615	476,702		37.35	49.78	36.94	40.46	100.66
1977	169,981	313,538	230,175	227,181	531,393		41.16	57.57	43.49	46.81	109.49
1978	207,983	374,179	281,653	279,950	611,819		49.72	68.37	52.55	56.63	123.76
1979	243,130	443,080	339,598	331,367	668,780		58.29	80.66	64.60	67.70	136.64
1980	272,070	536,402	376,525	367,682	680,351		66.36	95.16	73.70	77.02	142.52
1981	336,289	698,576	463,984	453,691	767,420		80.40	122.17	90.03	94.30	159.51
1982	347,374	864,278	515,352	514,378	820,040		86.34	146.20	104.09	108.73	173.34
1983	283,821	608,078	366,507	371,721	570,063		72.65	108.37	79.10	83.34	127.81
1984	262,065	489,808	329,155	326,463	482,541		66.32	88.80	67.18	71.90	106.27
1985	270,446	508,672	372,311	349,399	501,196		66.78	93.09	73.69	75.35	108.09
1986	284,872	522,906	389,232	364,577	511,687		68.35	93.02	76.53	76.88	107.90
1987	245,950	380,354	259,068	279,615	382,009		58.35	69.55	51.05	58.71	80.21
1988	279,408	460,295	366,381	354,713	468,614		62.28	84.65	66.96	70.23	92.78
1989	282,273	457,790	355,392	362,243	461,127		64.92	86.86	67.61	73.55	93.63
1990	321,800	471,281	367,500	383,596	470,151		69.17	90.73	67.49	76.07	93.23
1991	346,947	506,575	441,168	421,453	499,092		73.75	93.10	83.05	82.64	97.86
1992	362,260	426,114	357,624	382,607	442,909		69.50	72.83	67.82	70.27	81.35
1993	356,608	521,164	387,727	426,793	482,901		67.52	83.15	72.56	75.30	85.20
1994	409,471	535,129	491,527	483,237	535,389		70.57	81.90	86.60	79.49	88.07
1995	415,814	629,700	481,214	513,415	557,418		78.09	95.97	84.60	87.22	94.70
1996	341,000	616,000	541,000	496,105	528,604		70.60	98.67	95.74	88.92	94.74
1997	445,613	728,600	655,551	603,918	632,945		90.48	117.55	115.09	107.83	113.01
1998	566,041	815,604	973,235	769,056	797,181		108.88	127.94	157.79	128.97	133.69
1999	782,980	798,392	1,115,498	856,149	874,800		156.45	138.42	182.99	152.02	155.33
2000	593,387	756,939	1,075,441	754,567	754,567		125.96	138.39	181.83	142.16	142.16
2001	729,099	896,489	1,620,365	943,154	921,058		153.72	172.05	271.63	181.94	177.68
2002	882,837	991,860	1,673,388	1,054,234	1,011,867		194.55	175.78	284.17	195.31	187.46
2003	1,037,274	1,106,000	2,065,064	1,199,545	1,127,350		221.13	189.95	345.94	216.27	203.25
2004	1,441,812	1,716,442	1,977,289	1,673,141	1,528,513	[R]	298.45	284.78	327.91	292.57	267.28	[R]
2005	1,920,420	1,497,609	2,392,924	1,720,697	1,522,741	[R]	314.36	280.03	429.92	306.50	271.24	[R]
2006	2,238,572	1,936,230	2,664,570	2,101,684	1,802,984		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.