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

To: Gary Burton who wrote (39125)	3/6/1999 8:00:00 PM
From: Crimson Ghost	Respond to of 95453

gary: The more I think about it the dumber that Economist article is. The author accurately stated that oil demand has not responded much as yet to the recent price drop. But this is to be expected as oil demand is very price inelastic, short-term. Putting the shoe on the other foot, demand would not drop much even if prices soared. And it would not take much of a cut in output to get prices up there again. The producers have much to gain by cooperating and muuch to lose by continuing to undercut each other for the sole benefit of the oil consuming nations.