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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Telemarker who wrote (80456)	11/30/2000 10:14:01 PM
From: jim_p	Respond to of 95453

Telemarker, The main difference between the 70's and today is that today the perception (right or wrong) is that we will have a hard landing which will result in oil falling back substantially below $20.00 per Bbl as it did in 1998. In the 70's, there was no shortage of oil. Oil prices were held artificially high by OPEC until the supply of oil exceed the demand to the extent that OPEC could no longer control prices and they collapsed. In the 70's up until the Spring of 1981, the perception on wall street was that the price of oil was never going back down and it was on it's was to $100.00 per Bbl. The difference is perception, and it is worlds apart from where it was in 1980. I closed an IPO common stock offering in March of 1981 for an oil and gas company which was one of the last completed in that cycle. It was not a very easy sell. Jim