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Show 45 Wells Completed in Utah 3uring First 3 Months of 75 The petroleum industry has reported completing a total of 45 wells in Utah during the first three months of 1975, in its search for oil and natural gas according to the Utah Petroleum Association. Executive Director D. Van De Graaff said this was an increase of 10 wells compared to the first quarter of 1974. The increase represented a gain of 28.6 per cent over the comparable period a year ago. Nationally, the petroleum industry completed a record 8.568 wells during the first quarter of 1975, Van De Graaff added. He said this was the best first-quarter showing since the American Institute began publishing drilling data in 1966. It represented an increase of 22 per cent in drilling completions compared to the first three months of 1974. Van De Graaff pointed out that in each of the past six quarters, drilling completions have shown an increase over the comparable quarters a year earlier. During those 18 months, he added, the U.S. petroleum industry has completed com-pleted 47,988 wells, a gain of 17 per cent over the 41,031 completed during the corresponding corres-ponding months a year earlier. He warned, however, that , the higher taxes imposed on the industry and punitive legislation now being considered consid-ered in Washington may put an end to the rising trend in drilling and thus make the United States more dependent on foreign oil sources. |