(Editor's note: This article is a slightly modified version of the Presidential Address given by SEG President Peter Duncan during the Annual Meeting in October of 2004.)

Fifty-three-dollar oil! Wow! Gold at over $400 per ounce and heading for an all-time high! Copper at a 15-year high! Our industry must be rocking and our society flourishing.

Well it does seem that the industry is slowly, cautiously responding to the higher cash flows. But I don't think I would find anyone here who would say that the budget thaw is happening too fast or that spending levels are too high.


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