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To: Richard D who wrote (26446)	7/24/1998 6:04:00 PM
From: Snowshoe	Respond to of 95453

JJ Cramer's latest comment on oil... "There are just way too many bad guys in this Dow. First, let's knock off a bunch of oils: Chevron (NYSE:CHV - news) , DuPont (NYSE:DD - news) and Exxon (NYSE:XON - news) will be the dogs of the Dow as long as oil is a bow-wow, which is as far as my eyes can see." fnews.yahoo.com

To: Richard D who wrote (26446)	7/24/1998 8:58:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

The US does dwarf the Asian economies; the US does consume far more oil (probably Europe does as well); the US and Europe are firing on all cylinders; yet there is a glut. People have indeed stopped driving in Asia (they really don't have much need for heating oil outside a couple of the northern countries). The problems there have such an impact on world oil prices, I imagine, because there was such a delicate balance between supply and demand. Of course, I don't discount the impact of the OPEC production increases which helped fill storage facilities to their limits. I don't want to be put in the position of having to hope for a cold winter in order to see my stocks recover. But I agree with you on many points, not the least of which is that more than one person will end up selling at the bottom.