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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: HG who wrote (1563)	9/20/2000 9:19:22 PM
From: Bill Harmond	Read Replies (3) \| Respond to of 57684

I'm not worried about energy commody prices at all. Oil costs $6 a barrel to find, and natural gas 40 cents per mcf. Add about the same amounts to produce and distribute, and the rest is temporary market dislocation. I'm in SF this week at the BofA conference and I get no sense from the presentations (example from the Williams Companies today) that we are dealing with any secular shortage of oil or natural gas, even with the synchronized world expansion and the up-coming big buildout of new gas-fired electricity generating plants here in the US. Right now energy costs are like a tax hike...they just slow the overall economy some. If the Fed were to monetize the higher costs then we'd be in for inflation...but we learned that lesson in the 1970's.