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Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.29

-0.9%

Dec 1 4:00 PM EST

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To: Bobby Yellin who wrote (6231)	1/18/1998 7:52:00 PM
From: Abner Hosmer	Read Replies (2) of 116790

Bobby, the preponderance of what I have read in the last year suggests that there is plenty of oil in the world, and prices this year seem to be confirming it. Didn't OPEC just raise their production quotas 9 or 10% at the snap of a finger? Shortage of exploration rigs and platforms does not suggest complacency on the part of oil companies, have read about a number of huge discoveries in the past year. Technology keeps improving our ability to extract oil and refine cheaper grades. Just read that there is more oil in tar sands in Canada than in all of OPEC. That guy that is saying the IEA is setting us up for a downfall, does he really think the industry relies on the IEA for data/decisions? or does he have all of his clients long on oil stocks? Can't help feeling that some folks are fighting the last war on this one. Tom

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