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The two lubricants of global economic growth have had a rough time of it as of late. Credit, the first of these is remaining stubbornly frozen despite the best efforts of governments and central bankers around the world. This situation is in turn exasperating the recessionary outlook the world was already facing, and in the process magnifying the correction in price of the second, oil. This has had an adverse impact on all oil & gas producers regardless of their quality. However, we view the correction as overdone and disconnected from the fundamental story supporting higher prices. We believe in time these factors will begin to re-assert themselves and high quality participants, such as Norway’s StatoilHydro (NYSE, STO), will benefit. Now we are not about to make a case that recessions are a positive influence on near term... [read full story]
