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

To: rolatzi who wrote (84858)	1/21/2001 2:58:55 PM
From: Umunhum	Respond to of 95453

<<A 20% increase in exploration is a no net increase in the amount of exploration since costs of drilling have gone up by that same 20%. That suggests that the level of spending is not adequate to increase the supply of oil and gas.>> You're assuming drilling takes up 100% of the exploration costs. It is probably the most variable part of the cost. So percentage wise it gets the bulk of the increase. Also keep in mind the independents are raising their budgets by about 40%. <<Worldwide spending on oil and gas exploration and production will jump about 20 percent this year, the largest increase in two decades>> Doesn't this line from the article warm your heart?