BIKE: Another biggie gets religion

[Roger Baker]

[Don't forget:  On June 6 CAMPO is poised to approve a $22 billion  
plan funded with heavy deficit financing, a plan being promoted by  
TxDOT to crisscross the Austin area with a network of new toll roads,  
a plan that would make congestion in the Austin area three times  
worse! -- Roger]



Major financial firm with oil warning
Thursday, 05 May 2005

http://www.melloninstitutional.com/public/library/documents/knowledge/ 
pdfs/o
verbarrel2_05.pdf


A report on the Mellon Institutional Asset Management website provides a
clear warning about the future of oil.  Mellon Institutional Asset
Management (MIAM) is part of Mellon Financial Corporation, a US-based
global financial services company with $729 billion under management.

Summary: Oil companies continue to report, year by year,that they have
found more reserves than they have produced, implying that  
exploration and
the discovery of new reserves will satisfy increasing demand for oil for
many years to come. This has led consumers and governments to believe  
that
no immediate action is needed to reduce the dependency on oil.  
Fueling this
complacency about the future availability of oil at a reasonable  
price is
the notion that current high prices are merely the result of supply
disruptions and political tensions and that, when these tensions  
subside,
the price of oil will correct downward to its historic mean – as it has
following past energy crises. The reality is much more shocking.