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To: Joe NYC who wrote (18750)	11/25/1998 2:05:00 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 152472

Ooops, I should read through and edit my posts! The linkage between crude oil production costs and most other things should have read: "The cost of food [I wrote "fuel" instead of food - silly me] is the cost of machinery to plant, harvest and handle it. Machinery is made of steel and fueled by oil." To make it all absolutely plain, steel is mined using mining equipment made of steel, and this equipment is fueled by oil. The iron ore is carried in steel ships, fueled by oil. It is smelted in steel mills made of iron and steel, powered by electricity produced from oil [or competitor fuels such as U238, hydro, gas or coal which are priced according to oil production or scarcity costs]. The cars made of steel which all the managers drive are fueled by oil. The roads are mostly bitumen derived from oil, the lubricants. The aluminium aircraft and jet fuel. About 40% of world energy use is from oil [see below] No doubt some economist has done a thesis on just how much of the economy rides on the back of oil. The enormous increases of the 1970s hit the economies of the world very hard and interrupted the rapidly developing New Paradigm for 13 years. But it is back. Hopefully to stay. Mqurice By the way, it is "Vapour-Wear" not the usual Vapor-ware because vapor ware is announcing some software before it is really ready to prevent others doing anything, to get customers to wait for it and so on. Vapour-Wear is the vaporous beautiful invisible raiment of the King of Sweden. For those unfamiliar with the story, a children's tale is about a King who is conned by two tailors who pretend they have prepared him a beautiful cloak of the most amazing fabric. But they have not actually made anything at all. But they tell him it just appears invisible to intelligent people or some such. But assuredly it is the most splendid cloak ever to befit a King. The crowds all gather to see the King's new robes. All oohhh and ahhh and comment on the beautiful thread and the line of the fabric and the shimmering colour of it all. But suddenly a small boy calls out: "The King isn't wearing any clothes!!" And starts to laugh. Gradually, all around, people drop the pretence and start laughing. The King's cloak failed the Ha!Ha! test, as Lucent put it. [million tonne oil equivalent] Oil.....Natural gas.....Coal....Nuclear....Hydro-electric... Total 3324.6...1980.5....2274.5 ...621.2 ....... 220.1......... 8421.6 bp.com