[Gene Eric]

Are you equating production and inventory with trade speculation?

[Smokin' Joe]

I am telling what I am seeing--an economic implosion in the only economy driving sector outside Government. The ripples have not all hit the shore yet.

Each drilling rig stacked out represents roughly $100,000,000 dollars in drilling and completion costs which will not be spent.

In this State alone, that's $1.5 billion, and that money went all over the country as paychecks, as durable good orders, and for supplies and consumables, it didn't all stay here.

Production is a much more narrow profile when it comes to economic activity, with the revenues ending up in far fewer hands.

Inventory is for mid-stream and downstream folks. We're on the upstream end, E & P.