Conrad, your analysis is quite correct, Williams will be one of the LONG term survivors. However, this presumes that political circumstances permit. If there becomes a big oil crisis, WMB could skyrocket. If there becomes a prolonged, $100/bbl oil crisis, it will break the back of the U.S. economy, and demand for all goods & services will rapidly diminish. The point is that anything that happens from here forward will be bullish for gold, 4 times the leverage in gold stocks, and another multiple above that in gold stock call options. This is the premier investment at present. Next to zero downside & unlimited upside. Look into ASA, it's presently around $37/share. It will be over $100 with $575 gold. The Jan $40 calls are $5, so a $10,000 investment could yield $120,000. There are some other far more leveraged trades with a downside risk limited to 50% if you're interested. BTW I'm still heavily long WMB 'till at least Monday afternoon.