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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Bat5454 who wrote (29647)	7/10/1998 5:59:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

Bruce, I like oil services and the entire energy sector for the long haul. 1. Yes, the price could go lower. Economic demand is bad and about to get worse as the US goes into recession. 2. Opec will be as hated as ever in the next shortage. 3. The economics have changed only in the sense that there is overcapacity. That means no margins. This is still the aftermath of the silly energy crises of the 1970s and 1980s. Supply increase and demand was reduced. Today, normalized (ex economic cycles) demand is creeping back as people waste more energy. It will take a while to tip the scales, but it will happen. In the meantime, you hold some of the finest cos. with the best balance sheets in the world paying nice dividends. And you also have some of the cos. I like. <G> Petroleum is a finite resource and the world will be out of it in 40 years, for all practical purposes. It won't take 40 years for prices to reflect that fact of life. MB