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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (33606)	9/24/2000 10:24:34 AM
From: Logain Ablar	Read Replies (1) \| Respond to of 50167

GZ: I believe it is true. Remember oil was $11 / bbl and many of these wells were not worth operating at that price. Part of todays problem is the industry had to lay off many employees and now these individuls have left the industry. They now have jobs in "more secure" companies (lets not touch the more secure) and are not going back to work for the oil drillers and service companies. Today's crisis can be traced back to 1998 when the oil industry went into a depression. Our economy was booming but this segment was not. Similar to the 84 - 88 period but not as long or wide spread. Why I think this will only be a 2 to 4 year problem but not if our government takes actions that make it worse. The impact is the wells not profitable @ $10 (but I'm sure profitable over $$18 - $20) are not being brought back into production as quickly. Hey @ $35 / bbl you can bet the oil companies are trying to maximize this, they are having a labor problem. Another problem is inventory / storage. Another problem is transportaton. Flip side technology has helped in the discovery & extraction end. Signing off Tim

To: GROUND ZERO™ who wrote (33606)	9/25/2000 8:49:54 AM
From: gerard mangiardi	Respond to of 50167

I have read similar things. In the ny times this weekend an article stated that currently world oil production exceeds demand by about 2 million barrels a day. I asked in an earlier post if capitalism was working in the US energy market. We have a shortage of refinery capacity and a shortage of electrcal generating capacity. As easy as it has been to access capital in recent years it seems to me that the us consumer is suffering from both opec and a de facto downstream oil cartel at home.