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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Amelia Carhartt who wrote (26217)	7/22/1998 1:56:00 PM
From: TulipMania	Read Replies (2) \| Respond to of 95453

Here's some soothing bullish chat: WASHINGTON, July 22 /PRNewswire/ -- Parade, the popular Sunday newspaper supplement, has announced a new project examining the "world's most challenging issues," and asks in its first report: "Will We Run Out Of Gas?" In an article by Tad Szulc, a distinguished writer and international journalist, the publication noted increasing worldwide demand for petroleum products. World consumption will nearly double in 34 years, Szulc reported, with levels rising by two percent a year from the current 26 billion barrels annual use. The United States continues to be the world's leading consumer of oil products, using 6.8 billion barrels a year, an amount expected to rise 20 percent by the year 2015. "The U.S. produces only half of the oil it consumes," the article said. The article warned that China's oil needs are increasing, and that China will soon pass Japan as the world's leading consumer after the U.S. "Consumers must be prepared for possible dramatic shortages," Szulc, a former noted correspondent for the New York Times, wrote. "The unpredictable situation in the Middle East ... could again deprive the West of Middle East and Persian Gulf oil, as happened twice in the 1970s," he said. "Industrial production could drop and unemployment soar, and we could again see long lines at gasoline stations." The article reported on untapped oil reserves in central Asia in the Caspian Sea area, but warned that the supplies there "remain only a tantalizing possibility." "Investors want some assurance of political stability," Szulc wrote, "an uncertain prospect at best in this turbulent region ... " Without the oil in central Asia, he said, "there is likely to be a severe world energy shortfall early in the next century." /CONTACT: Dean Reed of Fuels for the Future, 202-223-3532/ 13:35 EDT * end of story *