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

To: Tomas who wrote (44888)	5/17/1999 8:02:00 PM
From: Wowzer	Read Replies (2) \| Respond to of 95453

Would someone please start posting some bearish articles to help explain the recent drop! Everything I read points to higher oil prices down the road. Razorbak are you still short or bearish on the service sector? If so what is your time frame, target, and your reasons. Thanks, Rory

To: Tomas who wrote (44888)	5/19/1999 12:20:00 AM
From: Tomas	Read Replies (1) \| Respond to of 95453

China's imminent role as a major importer of oil - Oil & Gas Journal, May 17 Beneath diplomatic tempests stirred up by the May 7 aerial bombing of China's embassy in Belgrade lurks petroleum A study released last month by the James A. Baker III Institute for Public Policy at Rice University noted that China will have to go to the market for 2-3.5 million b/d of oil by 2010. It thus will move into the oil-trade big leagues. Lately it has imported only 500,000-700,000 b/d. What's more, 1-2.5 million b/d will have to come from producers other than the Persian Gulf heavyweights, oil from which is too heavy and sour for Chinese refineries. In some combination, China must find large and varied new sources of crude, petroleum products, or money with which to upgrade refineries. Whatever the strategy, says the Baker Institute study, China will have to get serious about energy security and adjust its diplomacy to new dependence upon others for energy trade and transportation defense. Against this backdrop, the snarling, propagandizing China of recent days does not make an appealing image.