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Gold/Mining/Energy : Offshore Drilling

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To: JGreg who wrote (12)	9/30/1996 12:34:00 PM
From: mike gates	of 15

Yeah, well those 'experts' who predicted the heating and petrol. oil surplus were probably basing their remarks on an extrapolation of a statement by Warren Christopher a couple of weeks ago where he said that he was considering urging the Saudis to increase their output of oil in anticipation of problems in the Middle East (See WSJ, Sept. 17, 1996, COMMODITIES writup). Crude oil futures plummeted on the news. However the decline is based on the purest of speculation of a worst case scenario (increased producion and no decline in supply due to conflict). It hasn't materialized. A BLIP. MDCO's profit growth is no blip. Last time I checked, Zacks upgraded its earning model for the company to a ranking of one. We'll just have to wait and see. I'm long on MDCO.....

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