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Gold/Mining/Energy : Oil & Gas Price Economics -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (71)	3/9/1999 5:33:00 AM
From: jackie	Read Replies (1) \| Respond to of 350

Ed, Got my Economist yesterday. Cover has picture of two oil field workers drenched in oil as they work on a valve. Title on cover reads "Drowning in oil." Can't imagine a more negative write up on the prospects for oil prices. At least the articles draw attention to the very serious implications of low oil prices for the world economy. Most people in this country are oblivious to what we are getting set up for. As more oil wells are shut down in this country, we become more dependent on foreign oil and of course more vulnerable to the political instabilities cooking up in the Gulf, Latin America, Africa, and Russia. Some have guessed the US has lost somewhere between 500,000 to a million barrels of production capacity per day. Here in Denver we see more of the large SUVs. What's the length of the latest one? 19 feet? Someone told me the mileage on this thing is about 10. If some of these countries cannot maintain the social programs which keep a lid on otherwise volatile cultures, it is really going to get frightening. So this should be of real concern to more than some investors and employees in the oil industry. When this rubber band snaps back, everyone will blame the oil companies when in reality, it is a collective decision on the part of our society. Oh well, such is life. Jack