OPEC openly quoted as wanting - no new Oil investments - hmmmm
<< ''There is an intention to prevent a surge in oil prices so
as no funds are used in new oil investments which eventually
flood the market and increase the surplus, thus repeating the
cycle,'' said Kuwait Oil Minster Sheikh Saud Nasser al-Sabah,
Kuwait's official news agency reported. Oil prices ''would soon
climb to $17 to $18'' for a barrel of Brent crude, he said. >>
... is this the first time that these ''$&@)#*'s'' have actually publically said - ''they want no new Oil investments'' ?
Why the hell do we spend Billions bailing their asses out of Middle East conflicts, only to let our economy be at the mercy of their whims ? - I say we charge them $4 per boe for protection money (VBG).
Ominous stuff for the US market....the perfect case for a ''National Security Interest based tarriff - for industries, or commodities of extreme strategic importance (Steel, Oil etc).... Former CIA Woolsleys recent comments on the true cost of imported Crude Oil from the Middle East being $100+ boe - due to the Military Costs of intervening/assuring peace in the ME and the free shipping of ME Oil.... factor in the cost of the Gulf War & all of Saddam's babysitting costs.... remember; Saddam was within 100 miles of controlling 50% of all the Gulf Oil with his Kuwait invasion..... wonder if Milosovic was heading south for any strategic reasons... ? Fastest way to riches in that area is Oil reserves...some of the former Soviet States and micro-players around the Caspian Sea had better be looking over their shoulders for the next 20 years....
PS - anyone buying today ? - I got RIG @ $25 7/8ths - priced less today than it was during the total market blowoff last Sept 1st ! Only FLC & RIG can say that - GLM close.... RIG got an upward earnings revision today and is just priced toooooo cheap as opposed to its peers based on cash flow and earnings ! Factor in their expertise in the percentage of wells drilled in over 5000 ft of water and the coming tax benefits of Incorporating in the Caymans = bargain ! ....I did read a comment that due to this incorporation change that ''Institutions'' could no longer write off any loses on RIG stock - or something to this matter; due to their change over/new incorporation ? comments anyone ? If so, seems to be an advantage to the individual investor here as Institutions trim positions in RIG. I think any concerns about lower Dayrates, Rig cancellations are overblown, RIG still has the best contract coverage of any offshore driller. RIG is now what $3-4+ cheaper than DO - after having been $2-3-4 more expensive during the last year ? I'll take RIG - their earnings estimates are ''still'' the best in the driller segment - this is a pricing anomaly here. Sure it did blow off to $20, but we seem to be reaching for a base here and I will follow both RIG & PGO all the way down from here. Nothing else however.... sitting on limit buys on most everything else - just a little cheaper... may buy FLC at each $ down for trading however...
PS - did buy some SEV @ $ 3 5/8ths today for trading - proven ''mo-mo'' stock - another infamous Colombian Elephantine Discovery play - just looks like a gimmie back to $5 and even $7 ....I smell a double on the next hype induced run on the next drilling results.... a great trading ''stock'' - not a particularly great ''company'' fwiw. - this is only a trading play and a damn good one right here.
PSS - Nello; -- Gerry Faust'' ? - how dare you ? I remember sitting on the 45 yard line - 12 rows up - super seats - all psyched up on the Faust era - only to see a then lowly Oregon Duck team roll over the Irish on home turf - Faust was done that day even if he didn't know it.... Sadly, he was a 110% true blue dream coach in personality - just didn't have the experience, or the ability, but one hell of a good guy - he is allmost forgiven now; and ''is'' now well liked and received in South Bend fwiw....if ever a guy deserved to win - it was Faust - really a good, good human being. The guy deserved better...but his era was a low point in ''Domer'' history - that was for sure... |
