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

To: Big Dog who wrote (32213)	11/28/1998 7:03:00 PM
From: sand wedge	Read Replies (1) \| Respond to of 95453

Logic has no place in today's market period. This sector is not alone.

To: Big Dog who wrote (32213)	11/28/1998 7:36:00 PM
From: shane hartman	Read Replies (1) \| Respond to of 95453

Dallas Morning News had an article on the cutbacks in Mexico due to falling oil prices. PEMEX is getting only $8/Barrel. They characterized the legislative sessions as almost coming to blows. The need for mexico to pump more oil will be hard to resist.

To: Big Dog who wrote (32213)	11/28/1998 8:01:00 PM
From: DavidG	Read Replies (1) \| Respond to of 95453

Big Dog, If Mexico, and I heard the Saudi's, were only getting $8 for their oil why would oil companies worry about using their reserves or even spend 1 cent drilling for new oil when these guys are giving it away below production costs? Shouldn't the big guys just buy it off them and let these fools deplete or at least run down their reserves at losses? It really sounds like the DRAM problem that existed earlier this year when the Koreans were giving the semiconductor chips away below cost just to keep their fabs working and their people employed. Now of course they are in financial trouble...duh....and some are close to bankruptcy or being gobbled up by bigger financially troubled companies. Only Micron and Samsung seem to be coming out good...in fact Micron's stock is now flying. It did take about two years for this overcapacity to clear out. Not sure some here might want to wait that long...but then again I am not sure it is the same type of problem...but it sure sounds like it. DavidG