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Politics : High Tolerance Plasticity

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To: energyplay who wrote (877)	3/3/2001 9:54:35 AM
From: Think4Yourself	Read Replies (1) of 23153

I think his target may be low. ROYL is trading at 14 times last QUARTER'S earnings and the spot price surges didn't start until December. They made as much last quarter as was projected for all of 2000. It is my largest holding by far and I'm still trying to accumulate more. Just wish it wasn't so darned illiquid! I am beginning to believe $10 is going to be a FLOOR for SOCAL spot prices this year. The state is so badly pipeline constrained that nearly any otherwise minor event causes the price to shoot above $20. The federal Congress also introduced legislation Friday that will force California to pay the Bonneville Power Association (BPA) even if they declare bankruptcy. Between this and the lawsuits being started by the generators, this is by far the worst mess I have ever seen. There is no end in sight to the California debacle. If anything the light at the end of the tunnel is an oncoming freight train. The vast majority of California's NG supply is imported, through just 4 saturated pipelines. If anything happens to one of them this year all hell is going to break loose.

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