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To: GVTucker who wrote (100536)	3/8/2000 6:22:00 PM
From: Jacques Newey	Respond to of 186894

GV - OT - Re:"in the oil business, fields need a certain level of investment to keep producing. Without this maintenance investment, production capacity will decrease." You are absolutely right on that point. It is not as simple as opening a valve. Two things need to happen: 1) new wells have to be drilled and 2) old wells have to be worked over for oil production to be increased. Without continued work and investment, production declines. That is the nature of the beast. In each of the above two activities, there an inherent time delay between when the investment decision is made and when the new oil reaches the stock tank. This delay can range anywhere from days to months or even years, depending on the level and type of work required. I am told by knowledgeable friends in Saudi and UAE that excess oil production capacity may not be as great as the "experts" think it is. If this is the case, high oil prices maybe with us longer than many think. Maybe the Californians on this thread can write their congressmen/women (or presidential candidate Al Gore) to stop the carnage and urge them to open your state's offshore waters to drillingl. Unlikely, eh? Loving oil at $30+ a barrel and Intel at $114!