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To: Ian@SI who wrote (7407)8/3/1999 11:17:00 AM
From: Boca_PETE  Read Replies (2) of 15132
 
Ian S: re:<the major integrated oil producers are attempting to artificially contrive an oil shortage with a view to raising prices unnecessarily at the pumps.>

If this were so, how come many of the reported 1999 Second Quarter Normalzed Earnings of these companies were down over 20% - Conoco was down 46%. Has it occurred to you that worldwide refining overcapacity and the resulting glut in product inventories, together with competitve pricing in many markets that has resulted from depressed economic conditions in the Asia-Pacific and Europe could lead to the inability to recover in the marketplace the rapidly rising crude oil costs - Ero squeezed refining and marketing margins?

There is no conspiracy. There's refining overcapacity and an inventory glut which is just now being worked off from the slowly recovering economies in the Pac Rim.

If you don't believe the above, just go to the websites of the major integrated oil companies and READ THEIR 2nd QUARTER EARNINGS PRESS RELEASES.

P
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