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To: Trading Machine who wrote (24410)	6/17/2000 3:28:00 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 42787

TM, you are very right OIL is priced below the 1996 level. Further if 10 year ago oil was properly priced in the $20 range it should be at least around $28 range if accounting for inflation. Over the last 10 years the dollar index went from .84 range to 105 were it is today, as such oil in equivalent currencies should be around $35 today Fact is there is no rush for new oil discoveries but normal activity of exploration. All the fuss about oil prices is not warranted IMHO. Oil at $40 in 1991 (Desrt Storm) should equal oil at $65 to $70 in adjusted dollars ....... we are very far from that price range. Haim