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

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From: Dennis Roth	9/1/2005 11:26:58 AM
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US Integrated Oil, E&P, R&M: Avoiding major gasoline shortages post Katrina critical to continued oil equity upcycle Goldman Sachs September 1, 2005 We are growing increasingly concerned that Hurricane Katrina could result in extended downtime for a large portion of Gulf Coast refining capacity and other key oil infrastructure. While we have been and remain bullish on the outlook for oil equities, we believe the current sharp spike in gasoline prices poses a significant downside risk to oil demand growth if sustained. In order to remain bullish on oil equities, we believe a lower but more sustainable gasoline price is far more preferable. We remain optimistic that a likely sharp rise in gasoline imports in the coming weeks will lower gasoline prices and avert major shortages. As such, we reiterate our Attractive coverage view and continue to see meaningful intermediate-term upside for oil equities.

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