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Politics : Stockman Scott's Political Debate Porch

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To: mistermj who wrote (57889)	10/1/2004 2:40:20 PM
From: Raymond Duray	Read Replies (2) of 89467

There's forests and there's trees. And then there is small beer. The Conoco-Lukoil agreement is small beer. I'm delighted that you are concerning yourself with minutiae. It's going to make it much easier for me to pick you off in the forwards market...... **** reuters.com <COPY> ....A formal G7 communique was to be issued around 5:45 p.m. EDT (2145 GMT) -- before the dinner -- with a round of mid-evening press conferences set after the discussions with the Chinese officials. G7 finance chiefs, mindful that world oil supplies may be scantier than they thought when in May they urged producers to open the spigots, want to sort out how much of the recent price surge is due to market speculation. "More transparency in the market and less speculation," one G7 source said when asked what objectives ministers were expected to set out in their communique. Britain's Chancellor of the Exchequer, Gordon Brown, said mid-morning on Friday that volatile oil prices threatened global growth by slowing down consumer spending and putting a damper on corporate profits. He proposed having the International Monetary Fund and World Bank take a bigger role in monitoring oil markets -- essentially a recognition that the G7 nations themselves don't know why crude has taken off and remained stubbornly high. WHERE'S THE OIL? Another G7 official suggested the rise in oil costs was rooted in such fundamental factors as over-estimated supplies and was not solely due to speculation. There is "a recognition that oil resources are scarcer than was thought a few years ago," the official said. "We agree there is a need for more transparency on the potential supply of various areas." If supply scarcity is indeed the culprit, the oil price shock may not prove as temporary as hoped, the official said. Middle East oil producers who belong to the Organization of Petroleum Exporting Countries (OPEC) cartel generally maintain they are pumping near capacity <END COPY> How's your reading comprehension?.... Oh, never mind.

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