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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (74626)9/26/2000 10:59:44 AM
From: ItsAllCyclical  Read Replies (8) of 95453
 
20 Common misconceptions about the oil business...

There are so many I thought I'd make a list. Feel free to add to it.

1) Oil and natural gas are one in the same

2) Domestic oil only cost $6-7 to produce therefore oil prices will eventually go back to $10-12

3) Whenever we run into tight supply there are ALWAYS missing barrels to be found

4) Storing oil on tankers is not only profitable but encouraged

5) The general accepted view of finding and bringing new reserves to market is about 2-4 weeks.

6) Oil markets reflect current data. The data itself is excellent and not subject to scrutiny.

7) "Oil analyst" on CNBC study the oil markets before making any statements or predictions

8) The government can bail us out of any energy crisis simply by taping the SPR, SHOR or the SNGR.

9) Oil should not trade like any other commodity on earth. We have a right to cheap oil regardless of the costs.

10) Making oil inexpensive will ensure more cheap oil in the future since that's what people are used to.

11) Depletion does not exist. Someone once found that production was declining, but the data must have been faulty and the person was subsequently shot.

11) There is one price for oil. Blends do not exist. Time has no meaning in oil markets.

12) Our "high-tech" economy is no longer dependent on energy.

13) We can control OPEC.

14) Energy prices should always be removed inflation statistics since energy is not needed by our high-tech economy.

15) The media is not biased when it comes to reporting on energy matters.

16) Oil will always trade back to $18 since historically it's always traded there.

17) There is an infinite supply of oil tankers.

18) Oil prices are the sole factor that determines supply.

19) The best way to encourage the oil business is to tax them heavily in good years and ingore their pleas when they are on the verge of bankrupcy.

20) Larry Kudlow will eventually make a correct prediction regarding oil prices.
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