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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Peace who wrote (48551)	9/21/2000 1:07:59 PM
From: edward miller	Read Replies (2) \| Respond to of 94695

You should read this thread: Subject 12099 There are many industry people who know that business who post there, also investors who have followed this industry for years. You will learn a lot eventually. Of course you have to get through the chaff as on any other thread. Occasionally someone posts a publication by Colin Campbell who I believe has a better handle on this situation than anyone else I have read. To answer your question, yes oil production is declining. All oil fields in production today are producing less each year. With prices so low 2 years ago, drilling virtually stopped and there were massive layoffs. With over 100,000 employees laid off there are now not enough people to drill for enough oil to meet demand once Asia recovered. With oil prices so low at that time, drilling for natural gas also stopped. We have basically been draining the old fields since then without exploring enough for the new sources needed to continue the availability of energy. This situation will not improve overnight. I think that the world economy is now growth-constrained by available energy for the next 2 years, at least. On top of this we don't have any extra refining capacity, so we are actually more constrained in the ability to produce product, such as gasoline and heating oil than we are constrained by the availability of crude. The proverbial s##t is hitting the fan, and it's a big fan.