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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: Robert Douglas who wrote (1321)3/11/1999 1:47:00 PM
From: Doug Skrypek  Read Replies (2) of 2282
 
Do you think Japan, which imports almost 100% of its oil, would recover if oil reached $20 bbl? It would hurt its economy big time.

OPEC wants to dominate oil production, by driving prices lower they will shut-in high cost producers, especially in the US and Canada, where it costs about $10 bbl to produce crude. It only costs the Saudis $2 bbl to produce crude, they have to keep pumping to pay their bills. Oil prices will fall from here, there is still too much supply.

While productivity gains have been impressive over the last decade, the impact of cheap oil should not be underestimated.
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