Plunging Oil Prices Choke Off Boom Bakersfield

LA Times: Each year, the American Assn. of Drilling Engineers hosts a meeting here affectionately called the Liar's Club. A cocktail-fueled crowd hears oil companies' well-drilling and production forecasts - estimates often so grandiose everyone understands they are exaggerations. Pledges to drill thousands of wells are common. But at this month's meeting, no one felt like telling tall tales. Fewer than 10 wells were promised, all by small, independent companies. Giant firms - Chevron, Occidental - promised......

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