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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Fun-da-Mental#1 who wrote (47859)	7/13/1999 12:02:00 PM
From: Think4Yourself	Respond to of 95453

For instance, comparing MEXP and PGEI's numbers last quarter (I own both, but have been migrating from PGEI to MEXP): NG $ OIL $ Interest Expense PGEI 171,000 1.86 50,000 12.18 .07 Mil MEXP 2,054,000 2.00 77,000 9.3 .6 Mil Both are good picks IMHO. MEXP has lots of new wells coming on line. PGEI is spending money on water injection wells in the Raton coal beds. Who will report better earnings?? Long term, PGEI offers good value if/when they can extract commercial quantities of methane from the beds.

To: Fun-da-Mental#1 who wrote (47859)	7/13/1999 12:14:00 PM
From: ChanceIs	Read Replies (3) \| Respond to of 95453

US OIL LOBBY API TO OPPOSE DUMPING TRADE CASE Washington--Jul 13--1034 ET--The American Petroleum Institute, the oil industry's chief lobbying arm in Washington, said it would oppose a petition to slap duties on crude oil from Mexico, Saudi Arabia, Venezuela and Iraq. API contends that the duties, if imposed, would cause "significant crude oil supply disruptions," and that gasoline prices would be adversely impacted. (Story .15883) (Story .21894) marketcenter.com Same article forecasts API oil down but products up. I would have thought that the API would not have come out against this case, at least initially. It appears to me that the US industry did suffer unjustly for two reasons: the Asian meltdown, and Iraq coming back on line. In the first case one might want to lay some blame on overzealous bankers. The IMF (citizens of the US) bailed out the foreign countries left in crisis when the bubble burst and the banks/currency speculators withdrew capital. In the second case, the US has failed to conceive and implement a foreign policy to effectively deal with Iraq. At a minimum, Clinton should have pressured the rest of OPEC to cut back production by an amount equal to Iraq's United Nations approved production. Instead the US oil industry basically has stopped pumping to accommodate Iraq's market share. Milton Freidman would argue to let the efficient market produce the best value for the US (buy cheap Iraqi oil). But the precipitous fashion in which this happened was cruel and not sensible. I am big on free trade, but I think that the government owes the oil patch something here. API should be holding out for some quid pro quo (e.g. investment tax credits, additional depletion allowances, etc).