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To: Victor Lazlo who wrote (110920)	10/22/2000 10:34:17 PM
From: GST	Read Replies (1) \| Respond to of 164684

Victor. Oil investment. If you look at the last five years, oil prices were declining most of that time. There are economists who point to declining in oil prices as one of the key reasons for the long-lived move forward in the economy. I don't think anybody disputes that this hurt investment in oil development. As oil process started to rise last year, investment started to pick up, and of course it is doing well now. But there is a big lag between money flows and oil flows. Refining capacity is another issue -- and there are lags there also. So we have a "window of vulnerability" of a year or two or three. That is a long time in the economic life of a nation.