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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Big Dog who wrote (7982)1/14/1998 10:21:00 AM
From: debra vogt  Read Replies (1) of 95453
 
Okay folks, here's an opinion from someone else. I received Czeschin's Oil & Energy Investment Report for Jan. 20 and his highlighted stock is GLM. His is only one of many opinions, but I find it helpful to do lots of reading and then see what comes together from all the different outlooks and opinions. Here is his take: (condensed of course)
More of than 70% of the world's daily oil supply comes from fields that are more than 30 years old. The only way the industry can keep up with steadily rising demand for energy is to aggressively develop new supplies.

95.5% of all rigs are already in use.

The present bull market in oil services is far from over. Asian economic growth may be slowing, but the demand for gas and oil will keep rising nonetheless. In fact, worldwide consumption has never declined in a year without either a major war or global recession. Assuming only modest 2.5% annual growth in world demand -- and allowing for normal depletion rates from existing, 30-year-old oilfields -- means 22 million barrels a day of additional production will still be required worldwide by 2002. But there simply may not be enough rigs to produce that much extra oil.

Basically, his opinion is that the next energy crisis will not be caused by a shortage of oil, but by inability to get it out of the ground, because of shortage of equipment.

Found this to be very interesting. Anyway, it is another opinion. And beats reading articles about "gas rigs"!
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