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To: Julius Wong who wrote (5199)	7/28/1998 9:37:00 AM
From: JZGalt	Read Replies (1) of 18928

Julius, I have no idea of the exact number, but the production of oil cannot be $16/bbl. That would mean that every country in the world that is producing oil is losing money for the last 6-8 months. I would point out that the difference might be that the exploration and finding of the first drop of oil from the field is very high, but afterwards production is relatively cheap. Analysts talk about the tipping point for oil at the $15/bbl for exploration and production companies. If oil is above $15/bbl, then it is viable to drill, below that it isn't. This is quite different than the cost of "production". ---- Dave

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