When you can level volume declines off to zero or a slight decline, you've made great progress. This is indicative of tremendous activity and additional wells coming on line.

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These are circumstances created by a sustained high oil price scenario -- the level of which was unexpected by everyone. At this point, everyone knows high energy prices are positive for the communities of Midland and Odessa while being a negative for everyone else in other communities.

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These levels of activity have brought new players, mainly large independents.

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Our tax policy with regards to energy is so far way from Mr. Smith's teachings that we probably will never get back to it. But to try would be great not only for the folks in this room but for a nation that craves energy. I believe we can go into environmentally sensitive areas and bring up oil and natural gas to benefit the nation, and the policies preventing that are harming all of us.

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