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

To: Hrothgar who wrote (37905)	2/20/1999 8:54:00 PM
From: JungleInvestor	Read Replies (2) \| Respond to of 95453

Very interesting article on Caspian Sea oil below. Main points: 1) the reserves were greatly exaggerated, 2) investment in oil infrastructure is being cancelled causing governments financial trouble, 3) Caspian pipeline is dead at these oil prices, and 4) inexpensive exploration will continue but most drilling will not. Almost every day there are articles talking about the investment in oil production drying up. The article posted earlier today on Canadian oil is a good example. Forecasters look at history to project the future. My guess is that the EIA's production estimate for 1999 is way too high and the "glut" (which is only about 2% more inventory in the US than the prior year) will turn into a shortage in 1999. find.co.uk