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: Mike from La. who wrote (37453)	2/12/1999 12:27:00 PM
From: Crimson Ghost	Read Replies (3) of 95453

Mike: The Saudis have always been highly responsive to US wishes. If our government were to tell them in no uncertain terms to rein in output modestly, they would comply. Aside from the collapse in Asian demand, the Saudis are the chief culprit here. They have grabbed Iraq's quota and are refusing to give it up even with Iraq producing 2 million bpd. The point of my post was that if US government really wants $15 oil, they will be able to get the price back up fairly quickly. As someone once said -- it is possible to have too much of a good thing. And we may have reached that point re: oil prices. Low oil prices are one thing, but the lowest real price since the 1930s is something else again.

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