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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (39522)	8/24/1999 10:33:00 PM
From: PaulM	Respond to of 116845

Crude Falls as German Says it Will Sell from Reserves Next Year quote.bloomberg.com I wonder at whose behest this announcement came from? Again, the question arises as to why Germany has to announce in advance and why the west would be selling emergency reserves when a potential shortage is predicted this winter. The western industrialized countries today are run by politicos who think the PRIMARY purpose of government is to encourage and maintain the value of paper promises. Oil policy is a clear example. Although the U.S. never liked skrocketing oil prices, by the same token, past administrations always wanted a high enough oil price so that local producers weren't crushed by the low cost Middle Eastern variety. Not in these times. We'll pay for artificial pricing when it becomes clear that capital expenditures in this industry was far from sufficient to keep up with future demand. Furthermore, since oil buyers take delivery, this is likley to happen much sooner than we think.