I had a lease and was selling oil the last half of the 90’s.
The only reason the price of oil was as high as it was (now there’s a joke for you) the gatherers weren’t buying oil unless it met a very specific set of requirements.
In 1999 a lot of independent operators couldn’t sell their oil at any price.
Others were selling as low as $7.
Even less than that in some places. Hard to believe how some kept in business.
Look at Average price Dec 1998 - Jan 1999:
Alaska North Slope First Purchase Price