Wednesday, June 05, 2002

Supplies of oil may be inexhaustible "On April 16, Newsday, the Long Island newspaper, published a startling report that old oil fields in the Gulf of Mexico were somehow being refilled. That is, new oil was being discovered in fields where it previously had not existed. " "Scientists, led by Mahlon Kennicutt of Texas A&M University, speculate that the new oil is surging upward from deposits well below those currently in production. "Very light oil and gas were being injected from below, even as the producing was going on," he said. " "Although it is not yet known whether this is a worldwide phenomenon or commercially important, the new discovery suggests that there may be far more oil and gas within the Earth's core than previously thought. " 1:54:37 PM  Google It!  comment  []

Foreign investment drops by 60 percent as merger mania subsides "Foreign investment in the United States, after hitting record highs for three straight years, plunged by 60 percent in 2001, reflecting the U.S. recession and a sharp slowdown in mergers and acquisitions." "The Commerce Department said that spending by foreigners to buy existing U.S. companies or set up new operations fell to $132.9 billion in 2001, down from an all-time high of $335.6 billion in 2000." "The department attributed the big decline to the recession in the United States and economic weakness in many other major countries last year, as well as the sharp slowdown in mergers and acquisitions, especially in telecommunications and other high-tech industries which have seen their stock values plummet since the spring of 2000." 11:40:21 AM  Google It!  comment  []