Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Robert G. Harrell who wrote (10450)	2/3/1998 2:19:00 PM
From: Tulvio Durand	Read Replies (1) of 95453

Today's IBD article "Lower Oil Prices Adding to Supply Glut" ties OSX performance to oil price. The IBD writer (Donald Gold) says cheap oil will be sure to hurt the exploration-and-development companies. After all, the treasure they're seeking is worth less. Then an ANALyst is quoted ... "Upstream earnings (companies involved in exploration and development) will be down due to lower oil and gas prices. ... 1998 will be a very bad year for oil" warned Michael Mayer, managing director of Schroeder & Co. I don't place much credibility in the above statements as neither one seems to understand that the oil being sought today will be sold years hence and at higher prices than today's. Tulvio

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