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

To: Eashoa' M'sheekha who wrote (49359)	2/19/2000 4:40:00 PM
From: Eashoa' M'sheekha	Read Replies (2) \| Respond to of 116756

And Last In The.." What's Wrong With This Picture ". News:3 Richardson: Market Should Set Oil Price MEXICO CITY (Reuters) - U.S. Energy Secretary Bill Richardson, in Mexico to discuss soaring oil prices, said on Saturday he did not want to release U.S. strategic crude reserves on to the world market, but that oil prices at $30 per barrel were too high. Richardson, who met his counterpart Luis Tellez in the capital, said he was in favor of increasing crude output to bring down prices from current nine-year highs but he declined to give an ideal oil price. ``We are very worried about inventory levels,' Richardson said. However, the Strategic Petroleum Reserve, which holds 569 million barrels, should only be for supply emergencies, he said. Richardson reiterated that he had not come to pressure Mexico to boost oil production, but to outline the U.S. viewpoint that high prices could prompt a rise in U.S. inflation and interest rates. World oil prices have tripled over the last year since non-OPEC member Mexico, Venezuela and Saudi Arabia orchestrated a pact to cut exports through March 31, 2000. Richardson noted that the United States did not intervene when prices were $10 per barrel or below, so it would not intervene now when they were at $30. Mexico's Tellez repeated his view that Mexico was looking for high, profitable prices, but that did not hurt world economic growth. He said: ``Mexico needs the world economy to grow' to help support growth in its non-petroleum industries. Tellez has recently come out in favor of an oil output increase to stabilize prices, a view that has drawn fire from opposition politicians who say he is selling out to the United States, Mexico's biggest oil customer and main trading partner. Richardson's stop in Mexico, which includes a visit to his mother and sister in the nearby city of Cuernavaca, comes at the start of a whirlwind round of talks with oil producers. He is due to meet with officials in Kuwait, Saudi Arabia and Norway, and visit Israel and the West Bank over the next 10 days. Mexico is set to meet Saudi Arabia and Venezuela on March 2 ahead of a key OPEC summit on March 27. ************************************************************ La Fin!