The risk premium for crude oil just went up.

Even if growth slows, we're not going to have significant additions to capacity in the next 12 months.

Energy demand world-wide is growing.

You'll see increased capital spending. Even if oil does go to $50 a barrel, these companies are going to show net earnings growth year over year.

We have lost a significant amount of capacity out of the Gulf.

I'm very optimistic for the next 18 to 24 months.

These stocks were grossly oversold last year and the first quarter of 1999, to be perfectly frank. People were too negative and they were throwing out the fact that we do need energy in our society.

Most people don't own very much (of gold), and they don't particularly understand it very well.

I wouldn't get overly concerned about it. Iraq has been coming on and off the market all the time.