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Politics : Ask Michael Burke

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To: upanddown who wrote (37678)	11/27/1998 6:06:00 PM
From: Knighty Tin	Read Replies (1) of 132070

John, My feeling is that everything has gone perfectly for lower oil prices for a long time, and any one plank not falling into place will destroy that story. So, I like the producers and the drillers. This is a wasting asset and we are wasting a bunch of it. A comeback in Asia combined with bad weather or politics could find us in gas lines overnight. And this time they could last forever. As long as his hands can sign my dividend checks, he is aces in my book. Seriously, and this isn't nice to say to a former ARC guy, but oil co. mgt., like bank mgt., has never been considered to be the brightest lights on the trees. At least not since Rockefeller and Getty. Texaco has always been one of the world's worst-managed cos, but it has those assets and distribution outlets. Even being greenmailed by Joe Jamail and Pennzoil didn't cause more than a one-time blip in profits. MB

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