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: Bazmataz who wrote (21325)	5/4/1998 12:12:00 PM
From: pz	Read Replies (1) of 95453

Batz, How about we all use a little common sense. The OPEC countries are really hurting because of low oil prices. I just can't see them letting oil prices fall lower. Best case is that oil prices rise to $18-19. Also we are coming into the summer driving season which is predicted to be one of the best. Also who knows what Saddam will do. I just can't see much downside unless of course the Dow tanks, which is possible, then of course our stocks will be on sale. If there is a huge down side on this sector I just don't see it. FWIW...I talked to a drilling contractor in Midland this morning. They have 17 total rigs, 9 stacked, 8 currently running. Last year they had 11-12 running. Drilling rates have fallen off 15% since last year and are STILL FALLING. Land drillers are still risky IMHO. Paul

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