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: Teddy who wrote (12744)	2/24/1998 9:26:00 PM
From: HH	Read Replies (1) of 95453

Teddy, the quote master, have you seen this? March/April 98 edition of Drilling Contractor. "Worry over low oil prices is 'folly', says Global Marine COO Ryan": "The dual skittishness over falling energy prices and the rising pace of offshore rig building is not only misplaced, its 180 degrees out of sync with reality. ryan said fears of soft oil prices are incredible folly. The real danger would be if prices soared too high and choked off demand for hydrocarbons and oilfield services. As for rig building, we shouldn't look back over our shoulders at the 1980's in fear that todays rig construction is too fast paced. The analogy doesn't hold." "Everyone's worried about oil prices going down, he said. They should be worried about them going up. Higher oil prices will kill demand and service companies." "While energy prices could soften in the near term, Ryan contends this would amount to a mere blip on a larger landscape of relentlessly rising demand. I don't care what happens in the next 6 months. Even if a short term drop in activity occurs, it will only be a temporary ebb before prices return to historic levels." HH

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