US SBA: SBA, Energy Department agree to explore credit answers to oil producer difficulties.

0 Comments | M2 Presswire, February, 1999

M2 PRESSWIRE-26 February 1999-US SBA: SBA, Energy Department agree to explore credit answers to oil producer difficulties (C)1994-99 M2 COMMUNICATIONS LTD RDATE:250299 WASHINGTON -- The U.S. Small Business Administration (SBA) and the Department of Energy (DOE) have agreed to try to determine whether SBA credit programs can be used to help small independent oil producers overcome temporary economic difficulties related to low oil prices, SBA Administrator Aida Alvarez said today.

"Small independent crude oil producers are being especially hard hit by the current decline in crude oil prices," Administrator Alvarez said. "They have seen the inflation- adjusted price of their product fall to levels not seen since the 1930s. Since production costs have not...