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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (8353)	2/20/2004 9:21:23 AM
From: ild	Respond to of 110194

Global: All Cylinders? Stephen Roach (New York) morganstanley.com

To: mishedlo who wrote (8353)	2/20/2004 9:30:51 AM
From: el_gaviero	Read Replies (1) \| Respond to of 110194

I think I'll stick with Heinz on this one. It seems to me that your poster from the Fool is leaving out a crucial consideration. To change bitumen into oil requires an addition of hydrogen to the bitumen, the only real source of which is natural gas. Those oil sand operations in the far north have access to stranded natural gas. Once gas is no longer straned, the cost of the process will go up. Also, I think your poster does not understand all the implications of the Second Law of Thermodynamics -- but that's too big an issure to take on here.