Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: BigBull who wrote (72918)	9/11/2000 8:46:04 AM
From: jim_p	Read Replies (1) of 95453

Leo Drollas of the London-based Center for Global Energy Studies said the increase was the bare minimum necessary to gradually replenish U.S. inventories of crude. But while prices for crude may start to stabilize and even decrease, heating oil prices are likely to stay high, he said. ``This agreement is doing nothing for U.S. consumers, nor could it have been expected to, given the tightness in the home heating oil market in the U.S. and the refineries' lack of capacity,'' he said. Refineries already are working almost flat-out to produce heating oil, and it will take at least 45 days before any new barrels of crude can reach consumers in the form of heating oil. ``Just pray for a warm winter,'' Drollas said. Bill Edwards, a Houston-based consultant, argued that OPEC lacks the determination to pump enough new crude to trigger a sharp drop in prices. A price of $40 a barrel is ``around the corner,'' he said, enough to make some Americans consider chopping wood for fuel. nytimes.com Jim

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