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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (3760)	4/17/2001 4:43:47 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 33421

Hi John: I won’t be fully back on SI for a week or three but my comment on the oil sector being in the early innings is more for the health of the companies and the regional economies like Houston. The stock prices should do well also as long as we continue to have the market imbalances and political forces that impede viable solutions. We should continue to have the refinery issues continuing to hinder the ability to ramp supply to meet increasing demand. Bush has to tread lightly in this area. He can’t just change the rules although the sooner they change the sooner the benefits will be felt (like 1 to 2 years down the road). The west coast should continue to have supply and delivery issues in meeting its electric needs. I fully expect the state politicians to continue to make mistakes (hey we all do) and blame someone else for them (not all of us blame others). Its amazing CA still isn’t moving forward with some power plants. Sure it will piss off some voters (why the politicians say one thing but act opposite to what they say, like the governor approving plants but letting other interest effectively stop forward progress. This was my read last fall and maybe Davis has changed but I’m sure he’s doing his best to place the blame elsewhere). Imagine if we have a hot summer in the west. I like DVN as a top value going forward through the year and probably into next February time frame if NG stays above $4. Look @ the cash flow and earnings. If we go into a major recession which would drive down demand then we'll have other problems other than my read on the sector. VBG