[Within the broader sector,] companies that are producing and selling the product are the most vulnerable, ... The oil service group is less vulnerable, because there is increasing pressure to spend more for the resources.

We're sort of in an oil price bubble.

In 1960, ... the Cape looked like an oil field, with towering structures, dirt, and asphalt roads newly carved out of the palmetto scrub. The alligators were reluctantly surrendering to the onslaught of newly arrived civilization. If you didn't have a good sense of direction, you were in trouble.

They've done an extraordinary job.

That's a big concern because they do have a lot investment opportunities there. Unfortunately, they could be unfulfilled.

The first quarter is history. The focus is on what are prices going to be going forward. When they're down, there's less (confidence) that they're going to continue to go higher.