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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Malcolm Winfield who wrote (74323)9/23/2000 2:12:19 AM
From: BeachBum   of 95453
 
First post on SI for over a year, sure like that streaming portfolio.
Now back to the subject at hand. I worked in the oil business ( service co. ) for 7 years before I spent 12 years in the computer industry.I was was laid off in 1986 due to low oil price and lack of exploration spending. So the Reagan/Bush administrations energy policy wasn't that friendly to the oil companies either. The oil business then was ran by Bubbas ( Good Ole Boys ) it worries me that two of them now could be running the country, W and Dick.
Am I the only one who finds it ironic that 10 years after the Gulf war that SoDam Insane now has as much/more power over world events than before. Watched a bio of him on cable and it mentioned that the 1st thing S.D. did after Clinton won was test his resolve ( it rained missiles in Bagdad ). My guess is he'll test Gore if he is elected and if Bush is elected he might just turn of the valve.Either way he probably waits until after the election. Find it hard to believe he shot all his political advisors and no one in the middle east has explained to him the leverage he has. So much for the Bush administrations energy policy, leaving the fox with a key to the hen house.
As far as the reserves they are here in salt domes in texas and in louisiana that puts them strategically close to the refineries ( make sense? ) and OPEC is right it is a refining and speculation issue. When the world economy slowed down the refiners didn't replenish their stored reserves because they wouldn't get as much for the refined product and ( OPEC slowed production due to a world wide glut )so why buy more when the price could keep going down. As the world economy picked up they where caught with their pants down ( refining/speculation issue ) . As the price of crude rose the refiners didn't want to buy oil on the way up ( same issue in reverse ) , therefore supply diminished . Everyone assumed it was temporary, meanwhile the refiners were still running at a high rate . OPEC and the refiners both made the same mistake ( on purpose ? ), it was in OPECs and the oil industry interest for the price to rise. It must be hard for both sides to tweak their production, its like oil sloshing in a tanker stop too quick and you under shoot by millions excelerate too fast and you over shoot by millions, guess that is why a stable price is the way to go.

Of course releasing reserves is a political issue, but then again I'm sure 2 oil Bubbas want the price down :) They would be happy if the price was over $4o on election day.

BTW... Malcolm , sorry I responded to your post forgot how to post to myself.

BB ^-^-
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