SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Gold/Mining/Energy : Strictly: Drilling and oil-field services
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: BigBull who wrote (59397)1/30/2000 10:33:00 PM
From: Archie Meeties  Read Replies (1) of 95453
 
This is the most shortsighted bone this administration has tossed out for public consumption. It is the counterpoint to Gore's idiotic comment 'oil, oil, everywhere', and a nod to the market that 'inflation will be checked.' But it is unsustainable for any period of time. It is also potentially disastrous if OPEC calls this bluff. It also inadvertently maintains uncertainty about future oil prices, thus discouraging non-OPEC development.

The question is, will it work? I suspect that traders won't fight (think Au) the SPR and this type of bs -"...the official pointed out that oil could be withdrawn from the reserve at a maximum rate of four million barrels per day."
Did he show pictures too?

The real question is OPEC's willingness to defy the US and maintain oil at a price at which will support and rebuild their economies. Since the US now thinks $28 oil is too high, and OPEC doesn't seem content with $16 oil, something in the middle might be a compromise. But wouldn't be suprised to see Venezuela, Iraq, or even Iran begin a jawbone war.

Of course, if OPEC backs down and doesn't call this bluff, all this bs just means that the oily end of the patch will be the place to be on the shortside near term. And then if we retrace Dec. lows, yet another chance for anomalous valuations.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News