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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: dfloydr who wrote (59542)2/2/2000 8:56:00 AM
From: BigBull  Read Replies (1) of 95453
 
Schumer plays his games, OPEC plays their games.

Sure, OPEC will pump more, but not because Bill Richardson threatens them with the SPR. They will do so because they do not wish to cause recession. But, they MUST do it on their own terms, or all the work they've done will be for nought. I think Slider has really nailed this one on the head. They'll only do it when everybody believes $25 oil is cheap. The psychology of disbelief in OPEC had to be completely shattered. OPEC has almost completed that process. The language of the debate has completely changed. OPEC is in the drivers seat. The "OPEC will cheat" talk is almost invisible now.

So far OPEC has been masterful in bringing crude to these levels. It's just hard for me to believe they'll completely blow it now. What does Richardson bring to the table besides his last card, the SPR? I never bought this stuff about how the US really controls the price of oil via it's millitary might. I suppose the US could just take over the Gulf States by force... No, that's too stupid for even Charles Schumer to contemplate. The US really has no choice but to defend the Gulf States. Does it? The US has abandoned it's own oil industry through the constant vilification of oil companies, so now it's between a rock and a very hard place. Down to the SPR as the only bargaining chip. Didn't Germany threaten this a while back as well? Did they actually sell all their reserves? I don't think so.
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