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

To: Tomas who wrote (61731)	3/7/2000 5:20:00 PM
From: Tomas	Respond to of 95453

Average crude oil prices are expected to increase by more than $9 per barrel this year, the IEA report said yesterday. In 1999, prices rose about $5 per barrel. _______________________________________ Oil production in the U.S. has fallen 19% since 1992, as depletion of reserves has outstripped new discoveries. ________________________________________ Even if OPEC's resolve collapses, countries like Venezuela no longer have the capacity to significantly increase production without a multiyear round of capital expenditures.