***mostly off topic*** More on the overall markets. Oil prices down and this has a huge impact on economics. Iraq is producing more and costing the oil industry very big heaps as prices have dropped. The silly OPEC game continues, pretending they can do price manipulation and dreaming that others will stop producing so they can be the one to get the money.
This is all VERY good for Qualcomm and the stockmarkets. Free oil is good, [I know I'm repeating a favorite rant], just as free air is good and free oceans to sail on are good. Millions of people will put their money into cellphones instead of Exxon's coffers.
Check out this:
Message 5262876
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"...While it would seem that falling crude prices would hurt Hussein's Iraq as much as other producers, there is another side to the UN oil-for-food deal, experts say. After Hussein backed down from his saber-rattling earlier this year, UN Secretary General Kofi Annan granted a huge increase in the revenue ceiling for Iraqi exports to $5.2 billion from $2 billion every six months. That dumps some 2 million barrels a day on the world market without regard to price.
''Because the UN foolishly based the ceiling on revenue instead of volume, the program is a market wrecker,'' stated the June 22 lead editorial in the respected industry publication Oil and Gas Journal. ''The lower prices go, the more Iraq produces in pursuit of the revenue cap, feeding a surplus and weakening prices.
''He's getting what he wants. His neighbors are frantically slashing production in defense of crude values. Their revenues are plummeting. Their populations are getting restive. No one should doubt that Hussein is cunning enough to have pulled this off,'' the editorial stated.
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Cunning? They are mad. He isn't cunning. He is just selling a lot of oil. He is just a thug. Madeline Albright and NZ will agree on THAT! Impressive new aircraft carrier the USA has. NZ is thinking of getting new engines for our 30 year old Orions.
Look what they say: "Because the UN foolishly based the ceiling on revenue instead of volume, the program is a market wrecker," That shows that crowd's intent. Calling a market 'wrecked' because the raw material is cheap. "Foolishly"??? The exports were supposed to be permitted by UN for humanitarian reasons, not calculated to set a crude oil price and benefit the oil markets, [that mythical monster again]. If so, then, Ramsey Su, of course they are revenue based.
These Oil and Gas Journal people are giving the game away. Sanctions, [by the way Q.com last trade $63], and support for Kuwait were always intended to keep the price of oil up. My opinion remains that the wish for higher crude prices was a substantial reason for the war with Iraq in the first place.
Having spent 20 years in the oil industry, in Canada, New Zealand, Britain and Belgium, it is a hobby horse.
Anyway, the outcome will be, along with big money printing, S&P rants, momentum trading, exciting news from Qualcomm in the next couple of days, continuing excellent sales and subscriber growth, etc etc blah blah blah Qualcomm $80 by 31 July. You think I'm kidding. AND Dow 16000 Feb 2002 and Dow 8000 Feb 1998.
Double your money back guarantee.
Mqurice
4 days to go. |
