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: Big Dog who wrote (32213)	11/28/1998 8:01:00 PM
From: DavidG	Read Replies (1) of 95453

Big Dog, If Mexico, and I heard the Saudi's, were only getting $8 for their oil why would oil companies worry about using their reserves or even spend 1 cent drilling for new oil when these guys are giving it away below production costs? Shouldn't the big guys just buy it off them and let these fools deplete or at least run down their reserves at losses? It really sounds like the DRAM problem that existed earlier this year when the Koreans were giving the semiconductor chips away below cost just to keep their fabs working and their people employed. Now of course they are in financial trouble...duh....and some are close to bankruptcy or being gobbled up by bigger financially troubled companies. Only Micron and Samsung seem to be coming out good...in fact Micron's stock is now flying. It did take about two years for this overcapacity to clear out. Not sure some here might want to wait that long...but then again I am not sure it is the same type of problem...but it sure sounds like it. DavidG

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