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Gold/Mining/Energy : Gold Price Monitor

GDXJ 98.59

-2.8%

Nov 13 4:00 PM EST

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To: Hawkmoon who wrote (52601)	5/13/2000 8:47:00 AM
From: Joan Osland Graffius	Read Replies (1) of 116759

Ron, I am not so sure the Arabs need a high price for oil as much as our own politicians need the price. It is my opinion that if we do not have a high price for oil our government would have to pay the insurance on the Mexican bail out to our banks. Besides the banks would take it on the chin for their portion of the risk on the bail out. These banks do contribute to both parties campaign fund. These politicians do not have the political where-with-all to admit they made a mistake to the American public and pay the insurance out of current tax revenues when they can get it out of the American public through high gas prices. With high oil prices Washington gets "more tax revenue" and Mexico can pay their debt. Another note, it is my understanding that our refineries are running at 98% capacity at the moment. I am not sure any price of oil would help the cost of gasoline at the pump. I don't think our oil companies are going to build more refining capacity at these prices. The price of gasoline is going to have to get a lot higher before they can get a decent return on investment before capacity is increased. In my opinion we are in trouble. Joan

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