Sorry to offend you frachtwell. I do try to read up on the industry as much as possible. I do admit I was wrong about Friday being the end of the sell off in the industry. I based my feelings on the news release I reported. Iran did make the threat to withhold oil if the U.N. filed sanctions against it for nuclear development. This was in a news release by Reuters. In that same article the author claimed Iran was #2 behind Saudi Arabia in production. If Iran claimed they didn't make that statement I must disagree. They surely did.
I am and will remain a long term OXY holder. The Dolphin project in Dubai, the renewed Lybian venture and so many other factors to numerous to mention here will be very rewarding to OXY.
By the way my friend, I am a federally certified geologist with over twenty years in the field. After an outdoor business injury forced me to retire early, I accepted an invitation from M.I.T. to be an A.P. in their Geology & Earth Sciences Dept.