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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.23

-0.6%

Dec 22 3:59 PM EST

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To: Kenneth V. McNutt who wrote (81273)	9/24/2000 11:40:46 AM
From: Hassell Anderson	Read Replies (1) of 152472

Kenneth, And I presume, the furnaces will burn crude, because I don't believe the refineries have capacity to take in the oil, refine it to build inventories and deliver it. Is it being sold or "loaned" to "big oil" who will replace it later. Good observation Actually, it is a profoundly flawed observation. The basis of this observation was used to justify the "Windfall Profits Tax" that Jimmy Carter proposed. The prices that people pay at the pump today reflects the replacement cost of the raw crude required to produce a finished product in the future. Therefore, even though tapping the reserve doesn't increase today's supply of finished heating oil, it reduces the futures contracts for raw crude so that refiners can lock in future supply at lower prices and therefore charge lower prices today. Of course I'm not disagreeing that it is a political ploy. It obviously is. Even so, real people will pay less for heating fuel than they would have otherwise. Hassell

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