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: marc chatman who wrote (56381)	12/7/1999 7:05:00 PM
From: Crimson Ghost	Read Replies (1) of 95453

The bad news on energy is out. And it ain't the API numbers. US government now says oil prices are too high. The market is assuming the administration will now use its considerable clout with some OPEC members to persuade them to open the spigots. One of the reasons the original OPEC agreement worked was strong (if unstated) US support. But that seems to be changing. Today's markets assume the US government and Federal Reserve are omnipotent and will always get their way. From another site: Massaging the oil message ... Oil was down about 44 cents, and Energy Secretary Richardson was on the tape saying that oil prices are too high and yet that the market should set the oil prices. Despite that contradiction in terms, it's apparent the government has been busily trying to jawbone down the oil market with its threats of strategic petroleum reserve sales and other such nonsense. These days, there's not a market that the government doesn't feel like it needs to massage.

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