STORM TRACK: January 31, 1981 (Volume 4 Issue 2)

Within the last week, I read a very positive newspaper interview with the executive of a major oil company. He was quite sanguine about prospective oil stocks this spring and summer and did not foresee any gas shortage. The fundamental reasons were continuing declines in U.S. consumption and increased production from other oil exporters. Even if the Iran/Iraq war continues into the summer, he expected this forecast would still hold. As a matter of fact, both countries have resumed some limited oil shipments, despite damage already inflicted. Consequently, this plus already increase production elsewhere- make our prospects for storm chasing look much brighter this spring, than they appeared to be last fall.