Gents, I have several times stated ( mainly on SEY thread and 4-8 months ago) that prices as high as $60 a barrel would be bad for the economy and in the long term therefore bad for oil companies, and I can see that has indeed come to pass, in the sense that we are seeing more volatility in the sp of our companies than I would like. Fine for a day trader, not good for 'investment'.
THis shows in SEY maybe retracing to test lows or HNR testing 60's, sp wise, if crude fell to lets say, low $50's - but low $50's is much better for the economy and thus keeps demand high and overall profitability excellent for HNR etc. In fact if crude were to average $42-45 all of 2006, I think I'd be rather relieved, and it would let me drive my thirsty old car too.
H.