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Pastimes : The California Energy Crisis - Information & Forum

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To: MulhollandDrive who wrote (884)	8/16/2001 12:28:03 PM
From: Raymond Duray	Read Replies (1) of 1715

Hi Mrs. Peel, If I might chime in here briefly on one of your comments, you said: but as with oil, you saw what happened when Clinton released the "reserve"...bowing to the political pressure of high price due to insufficient supply and distribution. From my perspective what happened in October, 2000 with the SPR releases was that Clinton successfully broke the speculator's stranglehold on the price of crude. Within days, the price went from $37 to less than $30. This is a good thing for the nation as a whole, IMO. Of course, I realize YMMV. <g> Secretary Rodriguez of OPEC, commenting at the time said that during the crude bubble about $7 of the price could be directly attributed to speculation on the Nymex, etc. I'm sure you will disagree with me that this snake pit of trading serves no real economic purpose, but is in fact a parasitic drain on the real economy. Still waiting for your answers to my previous impertinent questions, BTW. :) Best, Ray :)

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