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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (16805)	8/1/2002 8:32:32 PM
From: Cogito Ergo Sum	Respond to of 36161

and a stable if not bullish case emerges for the oil and gas trusts Hi russett, I just posted about these on marcos thread a bit back or maybe the REITS (or both ?). I'm not extremely bullish but I agree *about the stability and springboard effect* and I'm accumulating on dips too but across non energy trusts also. Started a position in POU which is going trust and now very gassy. I'm staying away from the more oily though as I'm not convinced of an Iraq invasion or that it will be 'all that it can be' if it happens..Apparently the Kurds are none to thrilled about the prospect either. Bush needs a lot of foreign support for this and it'll become a huge killer monkey on his back if he doesn't get the support.. I do own a little COS.UN and NAT though in the OIL only world. regards Kastel

To: russet who wrote (16805)	8/1/2002 11:17:30 PM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

Dear Russet... zero percent financing and deep discounts were a huge factor in those numbers you posted. The gains weren't evenly shared among the manufacturers -- General Motors (most aggressive of the discounters) gained 24% this year with Ford squeaking out a 1.5% and Chrysler dropping 4% -- as for the percentage of GDP? I don't know number. I do know that the world automakers are geared up to produce 65 million units per year where demand has fallen to 50 million and continues to fall. I also know that G.M. is the biggest single user of base metals in the world. What’s good for GM is good for the United States of America… Your read on the oilpatch is practically opposite of mine – “Iraq invasion within the year,” is poor excuse to hold energy – the strength we’ve been seeing this week could and will easily turn into boredom by next week. Boredom in the patch will prevail has shipments of crude from Russia become as common place as zero percent financing has for the already tapped out consumer. Oil Trust? It seems to me Oil Trusts were designed for folks who are trying to limit their exposure to the cyclical risks of the oilpatch, no? Aren’t they for lazy people who just want to plug a nickel in the ol’jukebox and mindlessly listen the dividend yield sing songs about capital preservation? The patch is cyclical, has always been cyclical and will always be cyclical – dividend yield or not. Despite the reductions from OPEC to artificially create scarcity, non-OPEC producers have picked up the slack, hence the reduction in the OPEC imports. Just think, zero demand growth in a world recession will have producers’ shutting-in new production and refineries being mothballed. Not a great way to collect a dividend, not a great way to preserve capital. Also note; that world demand has increased an average of 1% per year. The infrastructure is in place to handle that 1% demand, but anything more, like we see in boom years (2% demand growth) – causes brief supply shortages but in the last two years we’ve seen nothing but surpluses with natural gas storage at record highs. American Utilities have been getting killed, negative spark spreads have been ruinous – and electricity has remained dirt-cheap. Diesel The legislation goes into full force (I believe) next year on much tighter pollution standards for diesel engines here in North America. I believe Caterpillar will get it’s clocked cleaned on this one – it still doesn’t have a engine available yet – while it’s competitor like Cummins already have offerings. This might be worth looking at. PGM Investment demand will drive it like it will drive Gold and Silver – Anooraq? I think you’re wrong, but I’m too tired to chat about it at length. BTW, nice post! Regards, Frank P.

To: russet who wrote (16805)	8/23/2002 8:52:16 AM
From: Frank Pembleton	Respond to of 36161

Cummins Inc. Submits Third Engine For EPA Certification Continues Move Toward Complete Line of EPA-Compliant Products COLUMBUS, Ind.--(BUSINESS WIRE)--Aug. 23, 2002--Cummins Inc. (NYSE:CUM - News) announced today that it has submitted its third engine for certification under the Environmental Protection Agency's (EPA) strict new diesel emission standards, which take effect on October 1. The heavy-duty, 11-liter ISM engine will be certified to EPA standards that were agreed to by engine manufacturers in 1998. "We are committed to having our line of EPA compliant engines ready for our customers in October," said Thomas Kieffer, Executive Director - Marketing at Cummins. "We are on track to accomplish this." On April 2, Cummins announced that its ISX engine became the first engine certified to the new EPA 2.5 gram NOx+NMHC standard. Its medium-duty ISB engine received EPA certification on August 15. The ISM engine, with horsepower (hp) ranging from 280 hp to 385 hp, complements the Cummins ISX product in meeting the needs of short-haul trucking, vocational, construction and bus customers. "The ISM is a proven engine in the industry," added Kieffer. "We have simply added the same cooled exhaust gas recirculation subsystem that is used on the Cummins ISX and ISB engines. This approach provides customers with the most reliable and best performing engines in their class." Cummins also will offer a restricted 400 hp and 450 hp rating for the ISM, for motor coach, recreational vehicle and fire applications. A global power leader, Cummins Inc. is a corporation of complementary business units that design, manufacture, distribute and service electrical power generation systems, engines and related technologies, including fuel systems, controls, air handling, filtration and emissions solutions. Headquartered in Columbus, Indiana (USA), Cummins serves its customers through more than 500 company-owned and independent distributor locations in 131 countries and territories. With 24,900 employees worldwide, Cummins reported sales of $5.7 billion in 2001. Press releases by fax may be requested by calling News on Demand (toll-free) at 888-329-2305. Cummins home page can be found at www.cummins.com. biz.yahoo.com