Oil & Gas Price Economics Message Board

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Gold/Mining/Energy : Oil & Gas Price Economics

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To: Ed Ajootian who wrote (303)	10/10/2000 3:43:15 PM
From: rajaggs	Read Replies (1) of 350

Ed, you assessment is right on, with respect to the phony allegations of some OPEC ministers on gasoline/diesel taxes and the price of oil. I think I actually posted before on exactly that topic on GNY board but for the sake of speed, I'll rephrase what i said there. Taxes on top of any consumer goods is a depressant to the use of that commodity/goods and thus reduces use and depresses prices. Thus the taxes, especially in Europe, on gasoline and diesel act to reduce consumption and reduce the price of crude in the longer term. That is one of the stupidest things any OPEC minister has said in a long time. I think he forgot to engage brain before opening mouth and wagging tongue. I see crude prices have risen again over past few days, mainly on Middle East tensions but to me it shows that the increased pumping by OPEC and the SPR release by Clinton are but minor bumps on the road towards higher energy costs. It is not politically correct to admit that to the American people in the middle of an election, where neither candidate will benefit from such an admission. Big Green vs Big Oil, no winner there. 'jaggs

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