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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: mmbw who wrote (38122)	1/18/2001 9:20:45 PM
From: BDR	Read Replies (1) of 54805

<<Also I would be curious to find out how many of our readers in Ca are experiencing blackouts.>> My brother sent me the following from a reliable poster on a thread elsewhere (Yahoo!?) on the blackouts in California. Smart way to save power- cut off electricity to the oil and gas wells. "There's a hole in the bucket, dear Liza, dear Liza. There's a hole in the bucket, dear Liza a hole..." <<<<<<<<<<<< California Electricity Bomb Exploding by: Petroeng 01/18/01 12:06 am EST Msg: 8795 of 8811 I'm not sure what the ramifications are going to be, and I will be curious about the board's thoughts. Tonight nearly every oilfield in California that is on interruptible electricity supply is shutting in . I consult on two platforms off of Santa Barbara which are on the SoCal Edison Grid and for us to stay on line, we would need to pay a penalty that is 1.5 times the value of the platform oil production. There is no firm idea of when the interruptible power would be restored, so we may be offline indefinitely. A Reliant powerplant in Ventura county was built next to a gas processing plant - the gas processing plant has no gas coming in and no gas to send to the power plant, which is going offline, aggravating the electrical situation. No one wants to sell power to the both utilities in California so a lot of oil and associated gas production is in jeopardy. Politically, it is horrible to have rolling blackouts on voters, so the interruptible power customers are bearing the brunt of the electrical power reductions, but now the power squeeze is so great that the voters in general are getting a taste of how bad this is. It is difficult to imagine that there will be a quick fix, so the California may be in for some real trouble. At least we are doing our part to reduce oil production in support of the recent OPEC cuts.

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