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

To: Tomas who wrote (85304)	1/24/2001 11:45:32 PM
From: Tomas	Read Replies (1) \| Respond to of 95453

Oil prices not high enough to hinder growth Lloyds List, January 24 Carly Fields SOARING oil prices that have been the bane of shipowners' lives for most of last year have not been 'high' enough to significantly effect the market, according to analysts. Contrary to popular belief, Poten & Partners finds that today's crude levels - that this week have reverted to 2000's extremes in the mid to high Dollars 20s per barrel - will not stunt economic growth, nor will they motivate non-Organisation of Petroleum Exporting Countries producers. 'Our opinion is that Dollars 25-Dollars 30 per barrel oil is not sufficient to spur the extraordinary effort that marked the early 1980s to diversify away from petroleum or to develop high-cost fields.' 'Dollars 25-Dollars 30 per barrel oil does not seem 'high' enough to seriously dampen world economic activity nor promote serious growth of alternative sources of energy,' said the analyst. Astronomical oil prices in the late 1970s and early 1980s had a much greater effect on the market and allowed non-Opec producers to justify greater expenditure for developing oil production projects. However, those record highs equate to Dollars 65 per barrel in the present day, according to the analyst, and today's levels that are closer to Dollars 30 per barrel fall well short of this mark. ...