Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SJS who wrote (12562)	2/23/1998 11:43:00 AM
From: Broken_Clock	Read Replies (1) of 95453

OK folks, Here's a link some one on the gold thread posted(thanks to them)... Falls right in line with my personal take.http://www.cato.org/pubs/pas/pa-258.html "The southern gulf monarchies also face serious internal problems. The fall in oil revenues has severely strained the region's cradle-to-grave welfare states. That economic pressure has tremendous political implications in countries where corrupt and authoritarian rulers have long relied on state largesse to pacify restive populations. Consequently, gulf monarchs face increasingly serious internal security threats--which often have a strong element of anti-Americanism, as recent attacks, such as the bombing of the U.S. military installation in Dhahran, Saudi Arabia, have indicated." This is from 1996. Oil is much lower now and this is likely why they agreed to increase production...they are under pressure from within. Saudi Arabia is actually way in debt. Their "black gold" credit card is maxed out. Those that see the long term view see that oil is a precious commodity and most of it is located in the most volatile area in the world. Todays news with Iraq could be the complete oposite tomorrow. PK

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