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

To: pt who wrote (26253)	7/23/1998 3:33:00 AM
From: upanddown	Read Replies (2) \| Respond to of 95453

Paul 2% has been the historical growth figure since the oil embargo of 1979. Much of the increases in use are offset by conservation and efficiency measures. As far as 100% replacement of annual usage, that is an absolute impossibility. For the last five years, only 30% of production has been replaced with newly discovered reserves and that replacement ratio has been steadily dropping since the 70's since there is not much "easy oil" left to find. petroconsultants.com Even with a 2% increase, time is on our side. John