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To: jim kelley who wrote (112760)3/26/1999 6:04:00 PM
From: BGR  Respond to of 176387
 
Jim,

I was reading The Winner's Curse by Richard Thaler recently. He explained how most oil companies that win in competitive bidding for a new exploration ultimately make little money. The present fight for the low end of the market reminded me of that. Major consolidation has to be on the way.

-BGR.