Re: Some more info on oil

Some more info on oilGlenn wrote:

"...Last year, 2004 is the first time in 23 years that employment numbers are significantly up from the year earlier. This says something very important about what is happening in the world of oil...."

And a ChevronTexaco exec (Don Paul) mentioned that this is the first time in two decades that the corporate budget for in-house research has gone up. He indicated that all the majors are behaving similarly (as usual) in this respect.

Don

  ----- Original Message -----
  From: Glenn Morton<mailto:glennmorton@entouch.net>
  To: asa@calvin.edu<mailto:asa@calvin.edu>
  Sent: Friday, January 28, 2005 8:17 PM
  Subject: Some more info on oil

  I just checked the UK monthly production of oil for the UK. It appears that in 2004 the UK will produce about as much oil as it did back in 1992. The final numbers will be out next month but through November, this terrible result is clear. But my prediction for this year is that the UK production will drop below the level it produced in 1981 almost at the start of the UK North Sea production. The rapid drop in production will be disastrous for the UK government in just another couple of years.

  For those who don't know, the North Sea production was what caused the oil collapse of 1986 which resulted in me getting laid off twice in a single year and having to start my own company because I knew I wouldn't lay me off.

  One of the interesting things is that until 2003 the exploration part of the oil industry had consistently declined in employment since 1981.Each year brought more layoffs. Last year, 2004 is the first time in 23 years that employment numbers are significantly up from the year earlier. This says something very important about what is happening in the world of oil. We are finally hiring more than we are firing.
Received on Sat Jan 29 04:07:11 2005