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Politics : Stockman Scott's Political Debate Porch
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To: mistermj who wrote (64584)10/31/2004 2:39:06 PM
From: upanddown  Read Replies (1) of 89467
 
In October 1997 the Energy Dept. announced that the U.S. government would sell its stake in Elk Hills to Occidental Petroleum for $3.65 billion. Overnight, Occidental’s U.S. oil reserves tripled. Occidental’s stock surged and its stockholders glowed.

You are such a lying POS.

The stockholders’ glow may have faded quickly.

When Occidental won Elk Hills after competitive bidding in Oct 1997, it jumped 10-15% during the remainder of 1997 along with almost all other oil stocks.

By the middle of 1999, Occidental had dropped over 40% from its price when they took over Elk Hills.

When Bush took over in Jan 2001, it was still 20% below the stock price in Oct 1997 when it won Elk Hills.

OXY was a lousy investment in those years.

Ah, Jan 2001, now BIG OIL takes over the White House.

Now here is when the real “soaring” starts.

The price of OXY and the price of oil were both around $22 when Bush is inaugurated.

OXY closed at $55.83 last Friday, up 150% since Jan 20, 2001.

The price of crude oil closed Friday at 51.78, up 135% since Jan 20, 2001.

Turning the oil business into a thieves' paradise and costing American consumers hundreds of billions is just another one of the great legacies of our two big oil men in the White House.
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