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Technology Stocks : SDL, Inc. [Nasdaq: SDLI] -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (2834)	9/19/2000 5:29:06 PM
From: Gerald Walls	Respond to of 3951

This didn't happen overnight regardless of what it may look like. Some good stuff here, a couple of things which I've excerpted: cato.org [...] First, the belief that the oil fields are running dry is nonsense. Proven reserves (that is, oil that can tapped and marketed today at a profit) are 15 times larger today than they were in 1948. Moreover, given present consumption levels, the Energy Information Administration reports that oil fields could last another 230 years before running dry and that unconventional petroleum sources (tar sands, shale, and the like) could meet present demands for an additional 580 years. [...] In the meantime, don't worry about another oil-induced recession. Adjusting for inflation, oil prices in 1973 stood at $90 a barrel. So we've got a long ways to go before prices approach those of the 1970s in real terms. Moreover, the economy is far less vulnerable to oil-price shocks today. Whereas 9 percent of the GDP was spent on oil in the 1970s, only 3 percent is so spent today. Oil prices are simply unable to wreak the amount of havoc in today's economy that they could in the economy of 20 years ago. [...]