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Bloomberg.com and of course on the Bloomberg. of Citigroup, Grew, talking about various and sundry on oil.

Ed, to get started here, and I know Francine's got some other themes to speak of as well.

There is this word in economics elasticity or the responsiveness of oil

with a new technology and with American oil with shell and all the rest fracking

and all that.

What is our elasticity of American supply of oil?

How different is it from our Ute?

Well, if you look at deep water projects it takes 10 years from the time you decide to explore if you're successful and then produce oil from the deep water.

Shale is particularly now that we have significant infrastructure in the producing basins is

really a six month to nine month lag.

So you make a decision to drill, you get everything together, you hedge hedge it out and we ought to talk about the hedging part of it

And six months later oil comes out of the ground so how do you hedge it? Let's get right to it

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