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

To: ChanceIs who wrote (85744)	6/4/2007 11:50:59 AM
From: JimisJim	Respond to of 206085

1982 saw record (for the time) prices in oil. It was boom time. 1986 saw $11 oil and the worst oil bust/slump in a generation or two. The company I worked for (VRC at that time, now part of NOV) went from 3,000 employees to 200. Took years to recover. Jim

To: ChanceIs who wrote (85744)	6/4/2007 11:54:37 AM
From: Sweet Ol	Respond to of 206085

The big thing the Windfall Profits Tax did was to curtail production from existing fields (Old Oil) which was subject to the WPT while the only useful activity was to fine New Oil. The next most important thing that happened was all the flim-flam involved in reclassifying Old Oil as New Oil and getting a much higher price for it. Some instant millionaires went to jail when they were not too careful. The international majors prospered because they could shift activity overseas, but the domestic companies were really hurting. Best to all, JRH