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

To: Sweet Ol who wrote (98548)	4/2/2008 12:46:53 PM
From: big guy	Respond to of 206325

Thanks John, I appreciate it. At some point one would think we need a bounce that would at the very least look like an attempt to retest that break of the 80 level. The fact that it did indeed take out that very strong long term support at 80 leads me to believe that this down trend will have some legs and continue for a good many years. In the back of my mind I wonder if what we are witnessing is the death of one empire and the first few baby steps of another. I just can't see where the tapped out US consumer can continue as the engine of global growth for much longer.

To: Sweet Ol who wrote (98548)	4/3/2008 2:52:06 AM
From: elmatador	Respond to of 206325

Mexico gov't: Pemex needs outside help must work with outside firms to boost sagging production and gain access to better equipment, the federal Energy Department and Petroleos Mexicanos said in a report issued Sunday. Mexico gov't: Pemex needs outside help By JESSICA BERNSTEIN-WAX- Associated Press Writer MEXICO CITY — Mexico's state-owned oil company must work with outside firms to boost sagging production and gain access to better equipment, the federal Energy Department and Petroleos Mexicanos said in a report issued Sunday. Pemex particularly needs help tapping deep-water oil reserves in the Gulf of Mexico, where extraction on the U.S. side is changing pressure conditions that could diminish Mexican reserves before they're tapped, according to the report. "While Mexico has only drilled six oil wells in recent years, on the U.S. side of the Gulf of Mexico, 167 wells are drilled each year," the report said. "As a result, Pemex needs to work with other companies to develop diverse activities ... and to obtain better equipment and maximize the country's oil income." Pemex, a top foreign supplier of crude to the United States, recently reported a 2007 net loss of $1.48 billion despite soaring world oil prices. The company has had to increase fuel imports in the face of falling domestic production and rising demand. The country is currently engaged in an emotional national debate over the state oil monopoly's future, with President Felipe Calderon supporting more private partnering for the drilling of Mexican crude. Mexico's constitution bans most outside involvement in the company, although the government has eased restrictions slightly in the past 15 years to contract with private companies. Sunday's report is among many voices saying outside help is needed to modernize the company. Advertisement