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Pastimes : The California Energy Crisis - Information & Forum
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To: Hawkmoon who wrote (545)6/15/2001 1:37:53 PM
From: Raymond Duray  Read Replies (1) of 1715
 
Hi Hawk,

Re: And btw, the "silver bullet" for solving the cyclicality problem is called the futures market.

Well, we will just agree to disagree on this. Last October, when crude spiked to $37/bbl, Sec. Rodriguez of OPEC wrote in Petroleum World that OPEC calculated that about $6 of that price was due to speculators in the futures markets. How that squares with your comment is beyond me. I see the futures markets as casino operations that speculators ramp up and down with rumors, hysteria and shenanigans for the sake of scalping undeserved profits. YMMV. :)

Your view of the "red herring" of new refinery capacity, OTOH, is a something that seems right on the money to me.

I find it very interesting that the Bush administration's Energy Policy white paper would pay lip service to energy self-sufficiency in this country, while seemingly committing us to the present regime of ever greater dependence on foreign sources of petroleum. Something doesn't ring true about this. Especially the fact that the report ironically suggests cutting R & D on alternative energy by 36 to 50%, when that is, IMO, the very best way for us to head in order to avoid dependence on foreign energy sources. BWDIK?

-Ray
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