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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.81

+0.9%

Nov 19 4:00 PM EST

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To: Eashoa' M'sheekha who wrote (49943)	3/2/2000 7:40:00 PM
From: Hawkmoon	Read Replies (1) of 116762

The cut back was necessary to ensure they receive a fair return for an ever dwindling resource Hmmm... how do you define "fair return"? The average cost for producing a barrel of oil is widely perceived to be $12/barrel, hence the shock waves that were felt when nations were selling oil for under the cost of production (generally in Venezuela $9/barrel for heavy crude and the UK at around $12 if memory serves correctly). So now oil producing nations are generating a 150% markup over and above their average COP per barrel. And in the Persian Gulf, production costs are, I recall, substantially less than average. I would accept 100% mark-up over cost of production as a fair price. I could even accept $25/barrel... but it gets a bit ridiculous when these nations get so greedy that they decide to extort blood money from us. After all, it's not like the money we pay for that oil actually gets redistributed to the common people to any large degree. It is controlled by the corrupt aristocracy and Arab sheiks who WE ARE KEEPING IN POWER with our support. Hmm... now what was that you were saying about a fair price? Who determines that? The uneducated peasants? Regards, Ron

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