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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: kormac who wrote (6579)	2/9/2002 8:10:00 PM
From: jim_p	Read Replies (2) of 206181

seppo, Simmons has been telling the same story for the last ten years. Oil reserves are a function of price and technology. You can find a lot more oil today for less dollars, even though you are finding smaller reserves due to seismic and other technology changes. We seem to have a rolling scenario where we are running out of oil in the next twenty years, and twenty years later it's still 20 years away. Someday it will be a problem, but I don't think you or I have to worry about it. If this weeks lack of NG draws are due to a new offshore pipeline coming on line last week, how many others are out there. I'm watching the NG storage numbers carefully this Wednesday, but am beginning to believe the next up cycle in energy starts in the second half of 2003 instead of this fall. Oil will be selling in the 15-18 range very soon, and NG should be selling in the 1.50-.80 range this spring. If NG supply doesn't drop off fast this summer, we will most likely retest the OSX lows this year. The war factor is the only thing holding up oil stocks right now. JMHO, Jim

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