Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (48740)	8/2/1999 3:55:00 PM
From: Crimson Ghost	Read Replies (2) of 95453

Markets look ominous; Dow should be under 10,000 soon. Bound to have some impact on OSX unless oil rallies further. Thought the group would like to see the following quote from an interview with ex-fed member Wayne Angell in 1994. Wayne argued that the FED CONTROLS THE OIL MARKET. I KID YOU NOT. HERE IS THE QUOTE: That first meeting that I talked about with Shuman and Volcker, in Volcker's office, I recognized that Paul also watched commodity prices. I sometimes jokingly called him a closet commodity price watcher. Remember that the price of oil fell to $9 a barrel--while only a year earlier it was at $40 and many thought it was going to $100. That's really quite a difference to have the price of oil go to $9 when people thought it was going to go to $100. Monetary policy, of course, did that. There were some who thought that Ronald Reagan was lucky, you know he never had any oil price problems. Well, Ronald Reagan wasn't lucky, he had Paul Volcker. The Federal Reserve controls the price of oil more than OPEC does.

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