For some time my favorite energy play has been the service companies. Interestingly OIH seems to be very sensitive to the price of oil but in listening to conference calls the service business is not highly price sensitive. Their biggest problem seems to be a shortage of qualified people and available equipment. That leads to my question: How much of a price decline in oil would have to occur before there would be an appreciable decline in drilling activity?

I appreciate any comments you have.

 DI