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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: Rarebird who wrote (53940)	6/8/2000 2:33:00 PM
From: pater tenebrarum	Read Replies (1) of 116762

RB, imo the often repeated contention that OPEC members are somehow not interested in getting so much money for their oil is obviously nonsense. after having suffered through the '98 oil price depression, they need every cent they can squeeze out to repair their budgets and keep their restless populations in check...they're not exactly paragons of political stability after all. they are not idiots...surely they are aware of the geological facts: the middle Eastern giant oil fields are the only ones on earth that are not yet past their production peak. the last giant non-OPEC field that has been discovered was Prudhoe Bay in '67. there's nothing left to discover, ergo more and more power over oil supplies will revert into the hands of OPEC. i'm sure they wouldn't want to bring on a recession in the industrialized countries, but all we ever hear from WS economists is how oil doesn't matter anymore in the 'new' economy...and indeed, the real price of oil is less than half of the 1980 peak (which in today's money was $73 bbl.). i can imagine the sheikhs allowing payment in Euros at some point in the future...wouldn't surprise me at all. regards, hb

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