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By MARLAN DOWNEY

Are We Going to Get This One Right?

Gas prices of $6 per thousand cubic foot and oil prices of $40 a barrel are suggesting to executive accountants that more production could make more money. It is an intriguing concept that is beginning to be talked about in corporate board rooms: Perhaps money could be made in the petroleum business by investing in exploration and development?

As one who has participated in the boom/bust cycles of the past 50 years, I can point out that history provides some cautions.

Any fool can cut costs; damn few people know how to make money by wise investing. Is your executive suite really up to the new challenge?

You can't make money if you overestimate worth and future revenues of new projects. Wishful thinking is how fools daydream.

Beware of buying another company at a 30 percent premium over market, and immediately claiming profitable synergies and cost savings. As we say in Texas, "It ain't a-going to happen, Bubba."

Remember that Persistence is a virtue; Patience is a girl's name.

And, if the world is really giving us another oil boom, say ... thanks, Lord!

And promise not to screw it up again.