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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: dmccoach who wrote (59390)1/30/2000 9:54:00 PM
From: BigBull  Read Replies (3) of 95453
 
Hey remember Gerald Ford's WIN (whip inflation now) program? Or maybe Nixons wage and price controls? Testaments to the failure of the US Govt. to control commodity prices. They only made things worse. This sounds like just another such scheme to me. Hey if the Govt. really wants to "control" prices, why not just give Nick Leeson a few billion dollars and tell him to go long crude futures. <g>

This is nothing more than a temporary attempt to jaw bone crude down. It'll work for a few days. Then OPEC will jaw bone the prices right back up. All Saudi Arabia has to do is say the cuts stay past March and that's good for 2 bucks on the upside. OPEC could make up for the SPR in a few months of 100% compliance with current cuts. Then what? Can you imagine what would happen if OPEC called his bluff? What if this forces OPEC into a new round of cuts? Naaahhhh OPEC will just roll over like a door mat and do nothing. Suicidaly stupid. This is only an attempt to influence futures traders, so as to shut up Schumer for a while. It is probably no more than a trial balloon. STUPID! Utterly transparently stupid.

I have nothing but contempt for the attempts of any Govt. to "control" the price of any commodity that it does not own. If Richardson really wants the price of oil down then have him tell Greenspan to induce a severe recession. Yeah right. Just before the election. Oh puhleeeease.
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