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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (34919)	9/8/2004 6:32:06 AM
From: quehubo	Respond to of 206183

I read it as transferring some sour loads normally routed to Asia to the USA. So no incremental oil on the world market and no sweet crude. OSX 140 is on the way, this will be playing out for a few years more I believe. I dont know what the market sees for offshore activity but RIG for example is trading at one hell of a multiple of 2005 estimated earnings. While NBR PTEN NOI languish with 18 times 2005 earnings. The Saudi move was all political and ineffective. IF they wanted prices much lower all they would have to do is prove that in 2005 they will be able to pump 3 mbpd more than they are now.