(MONEY Magazine) – The idea of an oil shortage may be a blast from the past, but economists forecast that supplies will get low enough in the next five years to cause feverish drilling. ''Output is falling in both the U.S. and the Soviet Union -- two of the world's leading oil producers,'' says Gary Hovis, director of utility research at Argus Research in New York City. Experts see a rise in oil prices from around $20 a barrel to as much as $30 by 1995. The likely result: big profit gains for energy companies. Here are six stocks, all traded on the New York Stock Exchange, that analysts recommend now: Among the blue-chip internationals, British Petroleum (1989 revenues: $45 billion) appears most strongly poised for growth, says Hovis. ''BP is a prime candidate for joint ventures in the U.S. and also with the Soviets because of its previous exploration in the Caspian region,'' he explains. Francis X. Morris, senior energy analyst with PNC Financial in Philadelphia, favors $32 billion Texaco. Most investors are undervaluing the stock, says Morris, because they do not yet fully appreciate the company's improved profit outlook after its recent restructuring. More expensive oil will also mean higher prices for other fuels -- especially natural gas. ''Excess gas supplies nearly vanished during last December's cold snap,'' says Bruce Lazier, an analyst at the New York City office of Prescott Ball & Turben. He recommends $8.3 billion Coastal Corp., which operates 20,000 miles of gas pipelines serving industrial states like Ohio and Illinois where the need to reduce air pollution will encourage the use of clean gas. For more aggressive investors, portfolio manager Mike Matty of the Phoenix ^ Stock Series recommends Oryx Energy, with revenues of $1.7 billion. Although Oryx carries a hefty debt load -- 45% of long-term capital -- Matty likes the independent exploration company because it has recently added large natural gas holdings to its oil reserves. Rising oilfield activity will also buoy companies that aid in exploration and drilling. Matty's pick among oil service stocks: $5.5 billion Halliburton, which uses high-speed computers and oilfield simulation software to identify hard-to-spot reserves. Thomas Escott, an analyst with Rauscher Pierce Refsnes in Dallas, recommends $2.3 billion Baker Hughes, the dominant producer of drilling bits and the leader in horizontal drilling. With demand growing for this technology, which can develop marginal reserves profitably, Escott expects Baker Hughes' earnings to rise 50% annually over the next three years.

CHART: NOT AVAILABLE CREDIT: Sources: Institutional Brokers Estimate System and Value Line Investment Survey CAPTION: Six oil and gas stocks that could gush Short oil supplies are expected to fuel a new surge in oil and natural gas prices over the next five years. Analysts say the companies listed below should profit from price rises and from a pickup in drilling activity. Target prices are the highs analysts expect the stocks to reach within the next 18 months.