Houskeeping chore—annual report—100-100,000 packets—need help.

Moratorium would be a disaster—13.2b
(1Cap. Markets)          6.5p
(2) Single out one industry)          2x taxes

Thought to be undervalued
Getty          153-128
GO          114-80

Let them happen Sam Snead 3 iron

GO management didn’t have a prayer—
114          A.
53          ATH.
37          when we first produced

Bennetts 4 pts.

I. subsidized by taxpayers

(1) Money borrowed deduction—then all int. everywhere is a subsidy to somebody—

RT distribution are recognized by Sen. Finance Comm.—what does this mean?

II. Cut Drilling—

15,000 indep.—
Oil not going anywhere
Make majors like indep.
Money for purchase will not disappear.

III. Economy—

Bennett must having been drinking out of the same cup as Jim Lee borrowed to buy stock.

III. Borrowing—SEC—Fed & Treas. Say M&A not a factor on credit markets—Felix didn’t have a horse in the race—does money disappear—of course not.

Dr. Leif Olsen 30 T in Sec. trans. in 1983.

III. Very little for economy—

13.2b (300,000 stock)
6.5 profit
2x taxes—

IV. Competition—no factor—from exploration indep. Love it—indep. drill 85% of the wells.

IV. FTC will handle the anti trust problems. #5 & #6 give a combined co. that would have 10% mkt. & refining—6% of prod—