Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Think4Yourself who wrote (59950)	2/8/2000 4:17:00 PM
From: upanddown	Read Replies (3) of 95453

Much ado about nothing with Chevron and O'Reilly. He doesn't think these prices are sustainable in the long-term. A glance at oil price patterns for the last 25-30 years would convince anyone that he is right. He still appears to be very optimistic about energy. We don't need high 20's oil to prosper. Big Dog has said more than once that this industry can be very nicely profitable on $18-20 oil. John dailynews.yahoo.com Nonetheless, O'Reilly said Chevron continues to base its long-term planning on oil closer to $18 a barrel, arguing that prices are bound to fall. ``I don't think anybody believes that this kind of price is sustainable in the long-term,' he said, but added that he was still optimistic about growth in the energy industry. Chevron, which last year earned $2.29 billion, said its earnings growth goals were based on constant 1999 oil prices. Along with demand growth in the United States and Europe, consumption in Asia has returned since the region's economic crisis, which should give a hand up to the oil industry. ``People will begin to see and appreciate that there is an enormous upside (to the energy business),' he said.

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