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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 220.66

+1.6%

Nov 21 9:30 AM EST

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To: GST who wrote (108135)	9/8/2000 10:12:08 PM
From: schrodingers_cat	Read Replies (2) of 164684

Looks like overseas refineries are busy too... From the London Financial Times: Although there is still some spare refinery capacity in Europe, analysts say it is uneconomic to use, and is of little help to the US. Shortages may well persist into the winter and as demand rises price spikes for some products are a distinct possibility. Tankers are also in short supply: The fundamental problem is that there is little leeway in the production chain that takes oil from a hole in the ground to consumers' cars and homes in Europe and the US. Most Opec countries, with the exceptions of Saudi Arabia, Kuwait and the United Arab Emirates, are already producing at or close to full capacity. The world's tanker fleet is operating at 97 per cent capacity for the first time since 1973. Refineries, in the US at least, are working flat out. US crude stocks are at their lowest for 24 years and developed country stocks of petroleum are as low as they were in 1996, which in turn was the lowest level since the mid-1980s. The upswing of oil prices is not just the result of Opec's supply restrictions. There has also been strong global demand, as the world economy has had its best year since the 1980s. As in the classic business cycle model, supply fell when prices were low and is taking time to respond now they are high. news.ft.com So if the Saudis pump more oil there may be no tankers to move it out of the Persian Gulf, and if the tankers are there then there may be no place to refine it. Let's hope for a warm winter.<g>

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