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

To: Tommaso who wrote (60300)	2/14/2000 10:32:00 PM
From: Nello Filippone	Read Replies (1) \| Respond to of 95453

Ingnore if already posted .... "Exxon's Raymond Sees Crude Price Fall, No Signs of Oil Shortage, FT Says" quote.bloomberg.com Can you believe this ........ "Lee Raymond, chief executive of Exxon Mobil Corp., the world's largest listed oil company, dismissed worries falling global inventories of crude oil and refined petrol products may lead to supply shortages" I guess a reduction in inventories of over 110 MB of crude and crude products in the last 8 months(only) is normal. In my past life I wrote software for a living so forgive my ignorance, this is a question for the people in the oil business. Do the talking heads at these integrated oils think that the public is stupid or do the fumes from oil destroy brain cells?

To: Tommaso who wrote (60300)	2/15/2000 12:57:00 AM
From: Douglas V. Fant	Respond to of 95453

Tommaso, Remember the internal planning formula for energy companies that we talked about a couple of months ago. Every 1% GDP growth in a country's economy will also see a 1% increase in oil consumption....With that relationship in mind, I believe that the rebirth of growth in the Asian economies will soak up (no puns intended) any additional barrels placed on world markets by oil producers...... Now that said I believe that prices will also drop partly because of technological advances in finding and producing oil. The finding and producing costs keep falling so profit margins will rise even with flat oil prices IMO .....