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

To: Howard Frederick who wrote (37428)	2/12/1999 8:20:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Oil up 11 cents over night to 11.96 I own a small lot of FLC stock. I believe the downside is greater then many on this thread think. I fully believe that if the current market conditions drag on past the OPEC March meeting that many of the OS stocks could fall another 50%. That's right, 50% downside. I don't bank on a fall like that and my token positions in UTI, FLC, RON, WFT are all in place because I don't believe that they will actually fall that far. At the same time I am fully aware that this scenario is very possible which is why I have only dipped my toe in the water. Who really knows when the turn will come? I don't, so I have placed a few "early" positions to take advantage should the turn occur before everyone expects (this thread excluded). I don't completely agree with AG that we are in a global oil crisis. Oil producing countries have the ability to change the status quo at any time by simply turning off the flow of oil. These same oil producing countries are pointing fingers at one another saying things like we read everyday (I'm not going to cut production unless everyone else does). Who can really blame them? At the same time, producers are in this mess(not crisis, IMO) because they got greedy and increased production at a time when global demand was weakening due to the financial crisis that started in Asia and is working it's way around the weaker nations of the world. One of the casualties of this greed has been the US domestic oil industry and particularly the smaller independents. There are casualties everywhere we look. SE Asia, Russia, Middle East, the US, South America, etc.... Let's face it. When you get in the oil business you should understand the boom and bust nature of this industry. Maybe the biggest "oil crisis" is in AG's + my OS portfolio???<vbg> BWDIK, Michael